14 Jun 2024 09:46

EBRD, Germany's Goldbeck Solar form JV to build 500 MW of solar farms in Ukraine

MOSCOW. June 14 (Interfax) - Germany's Goldbeck Solar Investment and the European Bank for Reconstruction and Development (EBRD) have formed a joint venture called Goldbeck Solar Investment Ukraine to build solar farms in Ukraine with capacity of up to 500 MW over the next three to five years.

The agreement on the venture was signed at the Ukraine Recovery Conference in Berlin, Ukrainian media reported, citing the company's press release.

"The aim of the newly founded company is to develop, finance, build and operate solar energy projects, thereby supporting Ukraine's energy independence and resilience," Goldbeck Solar Investment said.

Goldbeck Solar Investment will also receive a loan of 5 million euros from DEG (Deutsche Investitions und Entwicklungsgesellschaft) to fulfill its obligations in Ukraine through the ImpactConnect program initiated and financed by Germany's Economic Cooperation and Development Ministry.

Planning for the construction of the first solar farm is supposed to begin in the fall of 2024.

The deal "underlines the economic viability of the investment case, and highlights the continued role of Goldbeck Solar as a trusted partner of EBRD after previous debt financing transactions in Poland and Kazakhstan," the company said, adding that the completion of the transaction is subject to the usual regulatory approvals.

Goldbeck Solar Group CEO Joachim Goldbeck said the company is "aware of the risks posed by the current political situation."

Goldbeck Solar GmbH, founded in 2001, specializes in building turn-key commercial, industrial and large-scale solar projects.