Ukraine will strengthen its energy security through wider diversification thanks to a new 55.4 MWp solar power plant in its Cherkasy region.
The new facility will be constructed, operated and owned by Scatec Solar ASA, a Norwegian solar developer. In addition to a €19.7 million loan from the European Bank for Reconstruction and Development, funding will be provided by Swedfund International AB, the Swedish Government's development financier, and the Nordic Environment Finance Corporation. The new solar project is also the fifth investment under the Ukraine Sustainable Energy Lending Facility III since its approval in July 2018.
The new solar plant is expected to be operational in 2020 and will reduce CO2 emissions by more than 36,000 tonnes per year. An increase of the solar energy share in the country’s energy mix also serves to reduce the country’s dependency on fossil and nuclear fuels for the generation of energy.
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