Scatec Solar ASA secured €36 million in nonresource debt financing for the 47-MW Rengy solar portfolio in Ukraine.
The European Bank for Reconstruction and Development and the Black Sea Trade and Development Bank signed credit agreements for the financing that covers 70% of the total project costs of €52 million.
The portfolio consists of three solar facilities, which will be built in the Mykolaiv region under the country's 10-year feed-in-tariff scheme. Scatec Solar will take a 51% ownership in the facilities while renewable energy project developer Rengy Development will own the remaining 49% interest.
Scatec Solar will construct, operate and maintain the plants, as well as providing asset management services for them.