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.
Kyivstar, Ukraine’s largest mobile operator, announced the acquisition of six solar power plants (SPPs) with a total installed capacity of 105 MW in Lviv Oblast for 3.6 billion UAH, or $80.8 million, according to a company statement on Tuesday.
“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 release.
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, enabling the company to generate electricity equivalent to approximately 30% of its current annual consumption, the press release states.
“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 against 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 will continue to invest in initiatives that combine technological efficiency, compliance with ESG principles, and support for the Ukrainian economy,” the company noted.
As reported, in March of this year, Kyivstar received approval from the 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.
The Ukrainian group of companies Kormotech, a manufacturer of dog and cat food, continues to expand its on-site solar power generation at its production facility in Prylbychi, Lviv Region. The commissioning of a 366-kW ground-mounted solar power plant is scheduled for May, according to the company’s press service.
“The experience of leading European manufacturers confirms that on-site solar power generation at industrial facilities is becoming the industry standard. Kormotech is moving purposefully in this direction; our strategic goal by 2028 is to cover at least 15% of our electricity consumption through our own generation,” said Chief Power Engineer Yuriy Komprychevsky.
As previously reported, on July 2, 2024, Kormotech commissioned a 383 kW rooftop solar power plant. On June 6, 2025, the plant was modernized, after which its capacity increased to 442 kW. This made it possible to increase the volume of green electricity production.
At the same time, Kormotech’s energy team was seeking an external investor to build a ground-mounted solar power plant. Since May of last year, the company’s specialists have reviewed proposals from five companies. Following negotiations, Kormotech signed an agreement with Ecotech Invest. Under this model, the investor fully finances the construction of the plant, and the company purchases the generated electricity at a pre-agreed rate.
As of now, the company is completing the construction of a 366 kW ground-mounted solar power plant; after its launch, the total solar generation capacity at the Prilbychi facility will reach 808 kW.
According to Komprichevsky, on sunny summer days during lunchtime, the power plants will be able to cover up to 50% of the plant’s instantaneous consumption. On a monthly basis, the share of self-generated green electricity will account for about 13% of total consumption, and on an annual basis, about 8%.
Kormotech is an international family-owned company with Ukrainian roots, founded in 2003. It produces cat and dog food under the Optimeal, Club 4 Paws, Delickcious, Meow!, Woof!, and My Love brands. It has production facilities in Ukraine and the EU, and its product range includes over 650 items. The company’s products are available in 55 countries worldwide, both under its own brands and under the brands of partner companies.
According to published information, the company’s strategic goal is to become one of the top 30 global pet food manufacturers by 2029, with annual revenue of EUR 500 million, of which EUR 300 million is planned to come from European markets.
For the first time since the start of the full-scale war, the European Bank for Reconstruction and Development (EBRD) has provided the Kernel agricultural holding with $45 million in financing for a renewable energy project. The decision was approved by the bank’s Board of Directors and signed during the Ukraine-EU Business Summit in Brussels.
According to a statement from Kernel’s Communications, PR, and GR Department, the total cost of the project is estimated at $86 million. In addition to the EBRD, negotiations are ongoing with other international lenders, and Kernel will finance the remaining investment. The European Union will provide partial coverage of the first-loss risk under the Investment Facility for Ukraine (UIF).
The project involves the construction of a 106 MW solar power plant (SPP) in southern Ukraine and the installation of energy storage systems. The facility is expected to generate approximately 141 GWh of electricity from renewable sources annually and reduce carbon dioxide emissions by 82,500 tons. Once the transmission line is completed, the plant will be integrated into Ukraine’s Unified Energy System (UES) and will supply “green” electricity to the domestic market.
“The development of ‘green’ energy is one of Kernel’s key investment priorities. Today, Ukraine is acutely feeling a shortage of power generation, as large facilities remain vulnerable to attacks. Our response to these challenges is the development of distributed generation, particularly solar and wind power, as well as the implementation of energy storage systems. Connecting new capacity to the power grid is Kernel’s contribution to the stability and energy security of the entire country,” said Kernel CEO Yevgen Osipov.
Overall, Kernel’s strategy involves building a portfolio of green energy projects with a total capacity of up to 600 MW. The expected investment in this area is approximately $400 million.
The Ukraine Investment Framework (UIF) is an investment mechanism under the EU’s €50 billion Ukraine Facility program, aimed at rebuilding and modernizing Ukraine’s economy. Under the UIF, EBRD financing is backed by EU guarantees through the HI-BAR program, which reduces risks for investors and helps attract funding for renewable energy and climate technology projects.
Kernel Agri-Holding is the world’s largest producer and exporter of sunflower oil, Ukraine’s largest grain exporter, an operator of an extensive network of logistics assets, and a leading producer of grains and oilseeds in Ukraine. It is one of the largest producers and sellers of bottled oil in Ukraine. It is engaged in the cultivation and sale of agricultural products.
One of the largest steel mills in the Dnipropetrovsk region has completed a comprehensive energy independence project. The plant has commissioned the largest rooftop solar power plant for an enterprise in Ukraine, with a capacity of 4 MW, integrated with an industrial energy storage system (BESS) with a capacity of 4.2 MWh. The project, implemented by Rayton, will allow the plant to save approximately $1.5 million annually.
As of April 1, 2026, the full cost of electricity for industry (voltage class 2) in the region is 9–10 UAH/kWh, and during peak evening hours on the day-ahead market (DAM) it reaches 12–15 UAH/kWh. With the plant’s monthly consumption of 400–500 MWh, electricity bills amounted to 4–5 million UAH. Additionally, sudden power outages threatened to shut down the electric arc furnaces, which meant tens of thousands of hryvnias in direct losses every hour and the risk of damaging expensive equipment.
“For modern industry, especially an energy-intensive sector like metallurgy, on-site power generation and industrial batteries are no longer just an environmental trend but a basic requirement for survival and competitiveness,” commented Olga Lesko, director and co-founder of Rayton. “This complex in Dnipro has become one of the largest hybrid projects for industry in Ukraine and the largest existing rooftop station in Ukraine for self-consumption on a ballast mounting system. “We have created a system that not only generates kilowatts but also intelligently manages the consumption of the entire plant, protecting it from blackouts and price shocks in the electricity market.”
How the plant’s smart energy system works
The solar power plant complex (4,027 kW) and the storage system (4,180 kWh) operate as a single unit, addressing three key tasks:
Economic impact: payback in 3 years
The total investment in the modern energy complex amounted to approximately $3.9 million, of which $3 million was allocated to the construction of a solar power plant (SPP), and another $900,000 to the integration of energy storage systems (ESS).
The projected annual generation of the SPP is 4 million kWh, which, at an average tariff of 8 UAH, will generate approximately 32 million UAH (over $727,000) in annual revenue, returning at least one-third of the invested funds annually. Although storage systems slightly increase the cost of a “solar” kilowatt-hour, their use allows for maximum efficiency and generates $1.5 million annually (total savings from the solar power plant and ESS combined — ed.).
“The economic model of the solar power plant shows a payback period of less than three years, which is an unprecedented figure demonstrating the extremely high profitability of such solutions,” adds Olga Lesko. “Over the projected 30-year operational life, the solar power plant and the industrial system will generate over 1.9 billion UAH in net profit for the plant.”
Company Profile:
Rayton is a company committed to making solar energy accessible to everyone. We offer industrial enterprises turnkey solutions based on solar power plants and industrial energy storage systems.
The company has implemented over 300 projects with a total capacity of more than 100 MW of solar generation and over 40 MWh of energy storage systems (BESS). The project in the Dnipropetrovsk region ranks among the company’s top three largest completed projects.
According to Serbian Economist, the municipality of Knyazhevats has begun the process of preparing a detailed regulation plan for the construction of the Knyazhevats solar power plant in the community, as follows from the decision to develop planning documentation.
The deadline for preparing the plan is set at 12 months. The municipal administration (urban planning and construction) has been designated as the project manager, Projektura d.o.o. (Belgrade) as the developer, and Central Europe Energy Company d.o.o. (Belgrade) as the initiator, which is also financing the preparation of the documentation.
The project involves the construction of Serbia’s largest solar park in Tresibabi with a capacity of 170 MW, with investments estimated at approximately €200 million.
Approximately 270 hectares of low-quality state-owned land have been leased for the project, with a lease rate of €1,050 per hectare per year, of which 40% goes to the community budget and 60% to the republican budget.
Central Europe Energy Company is registered in Belgrade, with Qin Zhang listed as the responsible person, according to CompanyWall data.
