The unaudited EBITDA of six solar power plants (SPPs) with a total installed capacity of 105 MW in the Lviv region, which Ukraine’s largest mobile operator Kyivstar acquired for 3.6 billion UAH (or $80.8 million), amounted to UAH 596 million in 2025.
According to Kyivstar’s presentation on the acquisition, the revenue of these six SPPs, commissioned between 2017 and 2025, totaled UAH 682 million last year.
The operator noted that this investment, calculated at $0.77 million per 1 MW, aligns with one of its four priorities—capital investment in real assets that mitigate inflationary and/or currency risk.
“Renewable energy is one of the key areas of Kyivstar’s investment portfolio, as it opens up opportunities for the further use of ‘green’ electricity to cover part of the company’s energy needs,” Kyivstar CEO and President Oleksandr Komarov is quoted as saying in the press release.
The three other priorities listed are investments in infrastructure reconstruction and preventive network protection, the development of a digital ecosystem through adjacent acquisitions, and increasing the market share of fixed broadband through targeted acquisitions.
Taking into account the initial purchase last December of the 13-MW “Sunwin 11” solar power plant for $3 million in the Zhytomyr region, Kyivstar’s total “green” generation capacity has grown to 118 MW, which enables the production of electricity equivalent to approximately 30% of the company’s current annual consumption, according to the press release.
“Electricity from the acquired solar power plant group will be fed into Ukraine’s unified power grid in accordance with current market and regulatory rules, which will allow Kyivstar to partially hedge risks associated with fluctuations in electricity prices,” Kyivstar explained.
The mobile operator noted that these “green” projects also enable it to build a long-term energy consumption model, strengthen the country’s energy sector, and align with sustainable development goals.
Kyivstar’s stock price rose by 2.18% on May 26, the day the purchase of six solar power plants was announced, reaching $14.51 per share.
As reported, in March of this year, Kyivstar received approval from the Antimonopoly Committee of Ukraine (AMCU) to purchase six solar power plants in the Lviv region: Energo-Postach-Plus LLC, Lightful, Sunlight Generation, Ternovytsia Solar, Energy Space, and Ternovytsia Solar Plus.
In the first quarter of 2026, Kyivstar increased its EBITDA by 28.5% to UAH 7.5 billion, while revenue grew by 31.3% to UAH 13.9 billion.
In 2025, the Kyivstar Group increased its EBITDA by 30% to UAH 27 billion, with revenue growing by 30.3% to UAH 48.2 billion. In particular, in the fourth quarter of last year, EBITDA increased by 23.1% to UAH 7.2 billion, with revenue growing by 30.1% to UAH 13.5 billion.
