Financing for the Green Agro Services-owned project is aimed at increasing the solar power generation in the country and reducing the environmental impact of the traditional fossil fuels.

EBRD will provide funds for the project in two parallel trances – an 8-year EBRD loan of €4.1m and a 15-year loan of €1.6m from the clean technology fund; funds for the project will be drawn from its €70m Ukraine Sustainable Energy Lending Facility (USELF).

Commenting on the financing EBRD energy efficiency and climate change senior manager Sergiy Maslichenko remarked that USELF is a unique framework which is assisting the government of Ukraine in the development of renewable energy legislation.

"By linking together CTF soft loans, the GEF grant and the EBRD commercial financing we can make a difference in this new yet difficult market in Ukraine," said Maslichenko.

EBRD country director for Ukraine André Küüsvek added, "This first ever solar project financed by the EBRD should pave the way for more similar projects in Ukraine and elsewhere in the region."