Scatec Solar Ukraine BV (FMO-54995)

Countries
  • Ukraine
Where the impacts of the investment may be experienced.
Specific Location
Ukraine
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 4, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Scatec Solar
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 9.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 9.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Sep 24, 2019

Disclosed by Bank Nov 16, 2018


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Project Description

According to the bank document, FMO's funding will be solely used to develop, construct and operate solar energy projects in the Ukraine, one of the core markets of Scatec Solar. The first tranche of FMO's investment will (indirectly) fund a 30MW solar PV project in the Cherkasy region in Ukraine. Subsequent tranches of FMO funding will be deployed on 2 other solar PV projects under development by Scatec Solar in Ukraine.

 

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors

Scatec Solar is a Norwegian based integrated independent solar energy provider that delivers affordable, rapidly deployable and sustainable energy worldwide. A long term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants. Scatec has an established global presence in growth markets in America's, Africa and Asia. FMO invests through Scatec Solar Ukraine BV, which is a Dutch holding company providing equity funding to various greenfield PV solar projects in Ukraine. FMO will be a minority shareholder.

Contact Information

*There is no further information being disclosed at this stage of the project, the project contact's info". 

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism