Sun shines on Ukraine with new solar investment

A London-based bank and a renewable energy fund have agreed to finance a 36MW solar plant in Ukraine. The European Bank for Reconstruction and Development (EBRD) and its partner, the […]

Register now!

By Jonny Bairstow

A London-based bank and a renewable energy fund have agreed to finance a 36MW solar plant in Ukraine.

The European Bank for Reconstruction and Development (EBRD) and its partner, the Clean Technology Fund (CTF), will provide the capital needed to install photovoltaic panels on the site of a former chemical plant in the city of Lviv.

The site of the old refinery is not suitable for any other use.

The EBRD will provide a 10-year loan of €17.3 million (£15.25m) while the CTF will extend an 11-year loan of €6.9 million (£6m).

The 36MW installation marks the first stage of a project which is expected to double to 72MW at a later stage.

Ukraine continues to rely on imported fossil fuels and many of its electricity generating plants are highly polluting – it has committed to increasing the renewable share of its energy mix to 11% by 2020.