Environment & Energy | Thursday 28 March, 2019 10:32 am |

AIDA and STC Energy have signed a Development Framework Agreement for the development of 170 MW solar power plants and 1 GW for both on grid and micro off grid solar power plants in Ukraine that will be backed by a development investment commitment of a min US$ 2 Billion by The Arab Investment Development Authority (AIDA)

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.

The agreement was signed during the Ukrainian Chamber of Commerce event in Dubai by H.E. Adil Al Otaiba – Chairman AIDA and Mrs Nataliia Tykhonova – STC Energy CEO witnessed by Anwar Hussein – Head of Energy – AIDA, Dr. Hedayatollah Bakhtari - Ukrainian Chamber of Commerce, H.E. Mr. Yuri Polurez – Ukrainian Ambassador - UAE, H.E Mr. Oleksil Perevezentsev State Secretary of Ministry of Economic Development and Trade of Ukraine 

Speaking during the signing ceremony H.E. 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 Govt 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.

On her part, STC Energy spokesperson said: “We are honored 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.” said Mrs. 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.

Under the deal AIDA and STC Energy will pool their resources and other partnerships together in order to strengthen their commitment towards the iconic project. The companies will work under a Total Utility Development and Solutions Integrator mechanism, which is anchored on development, technology, and innovation.

Bringing structuring expertise and Funding requirements, Swiss Alpha Management are appointed as the exclusive Financial Advisor & Lead Funding Group to this project. 

Mr. David Singh (CEO, Swiss Alpha) said: “This important development for the people & regions of Ukraine provides a unique opportunity for a The Swiss Alpha Group to assist AIDA in their stated aims to help meet Ukraine Government’s aspiration for growth and a higher standard of living for its people in the rural areas”

 

Mr. David Singh emphasized Swiss Alpha’s vision of arranging innovative financial solutions, working with our syndicate of banks and Family Offices, for large transformational projects in the wider region of Middle East, Africa and the Indian Sub-Continent.”