Ukrainian telco Kyivstar has acquired six solar plants in the western Lviv region.
The telco acquired the six plants for approximately UAH3.6 billion ($80.8 million). Combined, the plants have a capacity of 105MW. The seller of the plants was not disclosed.
The acquisition is part of a broader move by the Ukrainian telco to expand its generation portfolio. Its first acquisition in the space occurred in December, with the purchase of a 13MW solar array. Following the latest acquisition, the company’s generation portfolio now stands at 118MW, which accounts for 30 percent of its annual energy consumption.
Kyivstar will supply the power generated by the solar arrays into Ukraine’s unified energy system in accordance with current market and regulatory rules. According to the company, this will enhance its capacity to hedge electricity costs by supplying energy from these solar power plants to the national grid at market prices with green energy tariffs.
“Renewable energy is a key focus area of Kyivstar’s investment portfolio, and this acquisition opens further opportunities for the use of green electricity to meet the company’s energy needs,” said Oleksandr Komarov, president of Kyivstar. “The development of our own energy generation is an important component of our long-term vision aimed at building safe, sustainable, and efficient infrastructure. Together with Veon, we continue to increase investments in the Ukrainian economy because we believe in Ukraine and its successful future.”
Kyivstar is a subsidiary of Veon and Ukraine’s largest mobile network operator, serving nearly 24 million customers. Earlier this year, the company launched a 5G test zone in the center of Lviv, the first 5G pilot project in the country.