The Green for Growth Fund (GGF), to which the EU is a donor, will finance the construction of a 45 MW solar power plant located close to the city of Boguslav, 120 km south of Kyiv, in Ukraine. The plant is expected to generate more than 56,000 MWh of power annually and reduce CO2 emissions by more than 500 metric tons per year. The project will be built, owned and operated by the Norwegian renewable energy developer Scatec Solar ASA.

GGF Chairman Olaf Zymelka said: “Estimations are that the total technically feasible potential of renewable energy sources in Ukraine is 69 million tons of oil equivalent per year. We are proud to support Ukraine to lift this potential and move towards a cleaner energy future.”

Together with its investment in the Syvash Wind Project, this marks the second investment for the fund in Ukraine’s renewable energy sector this year and brings the fund’s current investments in Ukraine to nearly €63 million. This project will contribute to Ukraine’s strategy of increasing the share of renewable energy in its total supply to 25% by 2035.

The Green for Growth Fund, part of the EU4Energy Initiative, invests in measures designed to cut energy use and CO2 emissions, and improve resource efficiency in 19 markets across Southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East and North Africa. The fund provides such financing directly to renewable energy projects, corporates and municipalities or indirectly via selected financial institutions. The GGF was initiated as a public-private partnership in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development, the European Bank for Reconstruction and Development, and the Development Bank of Austria OeEB.

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Press release

EU4Energy: Green for Growth Fund