The European Bank for Reconstruction and Development (EBRD) will provide a loan of €19.7 million to finance a 55.4-megawatt (MW) solar plant in Ukraine, the bank announced in a statement on Tuesday.
According to the statement, the facility in the Cherkasy region in Ukraine will be third by Norwegian developer and solar developer, Scatec Solar ASA, who will construct, operate and own the new facility.
The new solar plant is expected to be operational in 2020 and will reduce the amount CO2 emissions by more than 36,000 tonnes per year.
"Additional funding will be provided by Swedfund International AB, the Swedish Government's development financier, and the Nordic Environment Finance Corporation (with loans of €10 million and €5 million), respectively," according to the statement.
Scatec has already two EBRD supported projects in Ukraine - a 47 MW project in Mykolaiv and a 30 MW plant in Kamianka.
€1 equals 6.42 Turkish liras
By Gulsen Cagatay