Ukraine-based Green Agro Service owns the project and will receive the financing in two batches – an 8-year EBRD loan of €4.1m and a 15-year loan of €1.6m from the clean technology fund.

ERDB’s funding is part of its €70m Ukraine Sustainable Energy Lending Facility (USELF) to promote the use of renewable energy in the country.

EBRD senior manager for energy efficiency and climate change department Sergiy Maslichenko explained that the USELF is an end-to-end framework that allows Ukraine to develop renewable energy legislation besides helping local developers sketch bankable projects and offering long-term financing to implement those projects.

"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," added Maslichenko.

Commenting on the funding EBRD Country Director for Ukraine André Küüsvek remarked that the financing marked the first solar project to be backed by the bank.