The European Bank for Reconstruction and Development (EBRD) would provide a loan of EUR 19.7 million to Norway's Scatec Solar in the persons of Scatec Solar ASA to build a solar power plant with a capacity of 55.4 MW in Chyhyryn (Cherkasy region), the EBRD said in a press release.

Additional funding will be provided by Swedfund International AB, the Swedish Government's development financier, and the Nordic Environment Finance Corporation (with loans of EUR 10.0 million and EUR 5.0 million, respectively.

The new solar project is also the fifth investment under the EBRD EUR 250 million Ukraine Sustainable Energy Lending Facility III since its approval in July 2018. The developer said that the loans will cover 70% of total costs.

"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. It is already the third project of Scatec in Ukraine after a 47 MW project Mykolaiv and a 30 MW plant in Kamianka, which were also EBRD supported," the bank said.

In addition to them, currently Scatec Solar together with the Chinese corporation PowerChina Guizhou Engineering Co. Ltd. is building in Ukraine SES "Progressovka" with a capacity of 148 MW (Prohresivka, Mykolaiv region). The total cost of the project is EUR 124 million.