IFC and Scatec ASA sign agreement to pursue solar power generation, storage project in Ukraine

MOSCOW. June 23 (Interfax) - The International Finance Corporation (IFC), a division of the World Bank Group, has signed an agreement with global power developer Scatec ASA to help deploy Release by Scatec, an innovative containerized solar and storage solution, in Ukraine.

IFC announced the signing of this agreement on the sidelines of the Ukraine Recovery Conference in London along with other agreements concluded as part of IFC's Economic Resilience Action (ERA) program to finance and support various operations of Ukraine's private sector, Ukrainian media said, citing an IFC press release.

"The modular re-deployable technology provides a reliable and clean source of power and can help diversify Ukraine's generation mix away from fossil fuels, further enhancing energy security," IFC said in the press release when commenting on the agreement signed with Scatec.

IFC launched its program to support Ukraine's private sector in December 2022, according to the press release. It is a $2-billion program, which includes financing from IFC's own account alongside guarantees, concessional loans and grants from donor governments. The agreements announced on June 22 also mark the first financial contributions from the United Kingdom and the United States to the program. The UK will contribute $30 million to the IFC ERA program to support Ukraine's energy sector.

As reported, the overall capacity of solar generation facilities built by Scatec in three Ukrainian regions stood at 314 MW in July 2021.