Arab Investment and Development Authority and STC Energy sign development framework agreement for solar projects
UAE-based Arab Investment and Development Authority (AIDA) will commit a minimum of $2 billion to back plans to develop solar plants in Ukraine.
AIDA and STC Energy said they have signed a development framework agreement for the development of 170MW solar power plants and 1GW for both on grid and micro off grid solar power plants in Ukraine.
The signing of the agreement in Dubai will also include close cooperation with the agriculture sector for the rural development and co-operative initiative programs across Ukraine, a statement said.
Adil Al Otaiba, chairman of the Arab Investment and Development Authority, 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, reduction in billions of power costs, creation of jobs as well as impact on the rural agricultural development and co-operative initiative programs for both on grid and micro off grid solar power plants. We will harness all re-sources and our experiences for the success of the project."
“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,” added Nataliia Tykhonova, STC CEO.
As part of the agreement, AIDA along with STC Energy will work on managing the development and transaction teams across multiple geographies, development models, and transaction environments.