Scatec Solar’s Ukranian 32MW scheme finds development backer

Facebook
Twitter
LinkedIn
Reddit
Email
The deal signed by Scatec Solar and FMO will unlock funding for 32MW Kamianka (Credit: FMO)

Scatec Solar has enlisted a development financier for a utility-scale project in Ukraine, one of a few it is working to deploy in the Eastern European state.

Dutch development bank FMO has agreed to acquire a 40% share of the 32MW Kamianka project, with Scatec Solar set to retain the remaining 60%.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The scheme is designed to produce an annual 39GWh, enough to cover the needs of over 10,000 Ukrainians. It is predicted to cost around €35 million (US$39.52 million), 70% of which will come in the form of non-recourse debt from the EBRD and FMO.

Scatec Solar will remain the EPC, O&M and asset management service provider for the project. The firm began construction in early 2019 and intends to take the plant to commercial launch during this year's fourth quarter, Scatec Solar explained.

The project is one of several Scatec Solar is building with support from Ukraine’s 10-year feed-in tariffs (FiT). The same subsidy arrangement will back the 148MW Progressovka plant, which EPC PowerChina Guizhou Engineering started building this week.

The Norwegian firm, responsible for a 500MW pipeline in Ukraine, is amongst those reaping FiT support before it is phased out in the Eastern state, replaced by deregulated auctions. The country is seen as an irradiation hotspot, but concerns remain over grid constraints and access to finance.

For Scatec Solar, the past few months have been busy in Ukraine and beyond.

The developer has completed batch after batch of an EBRD-backed 400MW bifacial PV complex in Egypt, worked on a 33MW scheme in Mali, linked a 65MW plant in Malaysia and become a finalist for a 3.5-4MW floating project in the Seychelles.

As for Dutch development financier FMO, its foray in Ukraine comes two months after it helped arrange funding of US$59.2 million for a 50MW project in Jordan, equipped with locally-sourced solar panels.

2 December 2025
Málaga, Spain
Understanding PV module supply to the European market in 2026. PV ModuleTech Europe 2025 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

June 9, 2025
Sonnedix has signed a power purchase agreement (PPA) with Renfe to supply 420GWh of renewable energy annually for its commercial operations.
June 6, 2025
Eternal Sun has acquired German solar simulator provider Wavelabs, which has resulted in the formation of a new subsidy, Wavelabs Eternal Sun.
Premium
June 6, 2025
Europe must secure the 'strategic segments' of the solar supply chain, according to experts at a PV Tech panel at this year's Intersolar event.
June 5, 2025
Investment in clean energy and grids will reach US$2.2 trillion in 2025, double the expected investment into fossil fuels this year, according to data from the International Energy Agency (IEA).
June 4, 2025
Independent power producer (IPP) Enlight Renewable Energy is expanding its Gecama Wind Project in Castilla La Mancha, Spain, by integrating solar PV and battery energy storage systems.
June 3, 2025
A joint venture featuring global oil major bp will begin construction on a 240MW solar PV project in Azerbaijan.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 17, 2025
Napa, USA
Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
September 16, 2025
Athens, Greece