news - FMO supports solar energy in Ukraine


FMO supports solar energy in Ukraine

July 8, 2019

The Boguslavenergy LLC solar park (“Boguslav”), as owned by Scatec Solar ASA (“Scatec Solar”) from Norway, has secured EUR 37.8 million in long-term debt financing. Boguslav is Scatec Solar’s fifth solar park in the Ukraine. The design, construction and operations will be executed by various teams of Scatec Solar and their support platforms and companies in the Ukraine. Boguslav is located circa 120 km south of Kiev. The project provides clean energy for up to 27,000 households and contributes to avoid about 25,000 tonnes of CO2-emissions per annum.

The project debt financing and syndication of Boguslav was completed in July 2019 by the Dutch development bank FMO, who acted as Mandated Lead Arranger. GIEK, the Norwegian Export Credit Guarantee Agency, provided an unfunded credit guarantee of EUR 14.3 million to FMO, who in turn will provide the funding to Boguslav. The Green for Growth Fund, Southeast Europe S.A., SICAV-SIF (“GGF” and based in Luxembourg) took a participation under FMO’s B Facility with an aggregate amount of EUR9m.   In summary: FMO extends three Facilities to Boguslavenergy: (a) one for its own account, (b) one with GIEK acting as Guarantor and (c) one with GGF as Participant.  

Raymond Carlsen, CEO of Scatec Solar, said: “We continue to support the growth of renewable energy in Ukraine together with our partners. Partnerships are an essential part of our business model and we are very appreciative of our relationship with this group of international financiers, who provide long term debt funding to Boguslav.”

Linda Broekhuizen, CIO of FMO added: “This investment makes an important difference in the Ukrainian energy matrix which still has a high dependency on coal and nuclear energy. Supporting solar parks farms like Boguslav in the Ukraine has been part of FMO’s energy strategy for years, supporting job creation and much needed access to clean and renewable energy. We are grateful that GIEK and GGF join this transaction as well, as first-time partners in FMO’s renewable energy portfolio.”

About Scatec Solar

Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. A long-term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants and has an installation track record of more than 1 GW. The company has a total of 1.9 GW in operation under construction in Argentina, Brazil, the Czech Republic, Egypt, Honduras, Jordan, Malaysia, Mozambique, Rwanda, South Africa and Ukraine.

With an established global presence and a significant project pipeline, the company is targeting a capacity of 3.5 GW in operation and under construction by end of 2021. Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SSO’. To learn more, visit

About Green for Growth Fund

The Green for Growth Fund 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’s Technical Assistance Facility maximizes the fund’s investment impact through support for capacity building at local financial institutions and partners.

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 Austrian Development Bank (OeEB). The fund’s growing investor base comprises donor agencies, international financial institutions and institutional private investors, including the International Finance Corporation, the Dutch development bank FMO, and the German ethical bank GLS. The GGF is advised by Finance in Motion GmbH. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor.

For more information see and follow us on Twitter @GreenGrowthFund

About GIEK

GIEK is the Norwegian Export Credit Guarantee Agency. GIEK provides long-term guarantees, on behalf of the Norwegian state, that encourage Norwegian industry to take part in more international trade and export. The guarantees are given to Norwegian companies, their international buyers and banks. GIEK reports to the Norwegian Ministry of Trade, Industry and Fisheries (MTIF) and is subject to international rules and agreements governing export credit agencies. To learn more, visit

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