The Arab Investment and Development Authority, AIDA, and STC Energy have signed a $US2 billion agreement to develop solar power plants in Ukraine.

According to a press statement, the development of 170MW solar power plants in the Ukraine will be backed by a minimum $2 billion by AIDA. The agreement also details closer cooperation in the agriculture and rural development sectors, along with improving cooperative programmes across the Ukraine.

The agreement was signed during a Ukrainian Chamber of Commerce event in Dubai by Adil Al Otaiba, Chairman AIDA, and Nataliia Tykhonova, STC Energy CEO.

The Ukrainian Ambassador to the UAE, Yuri Polurez, and State Secretary of Ministry of Economic Development and Trade of Ukraine, Oleksil Perevezentsev, attended the signing ceremony, along with representatives from AIDA.

Commenting on the signing, Al Otaiba said, “AIDA is coming on board to co-develop and invest with STC in making this project with the Government of Ukraine a reality. The project will assist in the generation of clean green energy, reductions in billions of power costs, creation of jobs, as well as its impact on the rural agricultural development and cooperative initiative programmes for both on grid and micro off grid solar power plants. We will harness all resources and our experiences for the success of the project.”

In her comments, Nataliia Tykhonova said, “We are honoured to join hands with AIDA in this mega project. Our journey to transform Ukraine into a renewable energy zone, which is now inching closer to fruition. AIDA brings on board unparalleled investment and development expertise that will be useful in ensuring the project’s success.”

Under the agreement, AIDA and STC Energy will pool their resources and other partnerships to strengthen their commitment towards the energy project.

Swiss Alpha Management were appointed as the financial advisor and lead funding group for the project.