Scatec Solar and FMO enter equity partnership for the Chigirin project in Ukraine

Written by Customer Service on . Posted in Public Companies.

Oslo, 19 November 2019: Scatec Solar has signed an agreement with FMO, the Dutch development bank, for FMO to take a 40% equity stake in Scatec Solar’s 55 MW Chigirin project in Ukraine. The total investment for the project is estimated at EUR 54 million and is funded by non-recourse debt financing from the European Bank for Reconstruction and Development (EBRD), The Nordic Environment Finance Corporation (NEFCO) and Swedfund. FMO’s equity stake is financed by the Access to Energy Fund, which FMO manages on behalf of the Dutch government.“We are pleased to announce this second equity co-investment with our long-term partner FMO. We are working with FMO as a debt and equity partner on a range of projects in Ukraine and internationally and we expect more cooperation in the years to come”, says Raymond Carlsen CEO of Scatec Solar.“After our first co-investment in the Kamianka solar plant, we are pleased to partner again with Scatec Solar. This second co-investment demonstrates to us the potential of renewable energy in Ukraine. Supporting Ukraine in transitioning to a low-carbon system, is aligned with our strategy to increase our green investments and mitigate climate change”, says Linda Broekhuizen, Chief Investment Officer FMO.About FMO
FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a more than 45-year proven track-record of empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: Financial Institutions, Energy, and Agribusiness, Food & Water. With a committed portfolio of EUR 9.6 billion spanning over 82 countries, FMO is one of the larger bilateral private sector developments banks globally.About Scatec Solar
Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. A long- term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants and has an installation track record of more than 1.3 GW. The company has a total of 1.9 GW in operation and under construction on four continents.This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

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