Skip to main content

Nebras Power announces major solar power acquisition and partnership in Ukraine

Doha, Qatar

One of the first Middle East companies to enter Ukraine’s Power sector

Nebras Power announces major solar power acquisition and partnership in Ukraine

Nebras Power announces expanding into the Ukrainian power market with the acquisition of six solar projects and a partnership agreement with UDP Renewables (UDPR) and their parent holding company UFuture.

The share purchase agreement, which was signed in Doha today, will give Nebras the majority stake in the following photovoltaic assets: “Scythia-Solar-1", "Scythia-Solar-2", "Free-Energy Genichesk", "Port-Solar", "Terslav" and "Sun Power Pervomaisk", all of which are operating commercially.

Nebras Power announces major solar power acquisition and partnership in Ukraine

“Nebras has an ambitious global strategy, and the Ukrainian market represents an important milestone in our growth plan. Our commitment also remains focused not only on delivering clean reliable energy but also on contributing to local communities and national economies of the countries we invest in. As always, we invest not only in power, but we also invest in people and communities,” said Mohammed Nasser Al-Hajri, Chairman of Nebras Power.

“Nebras is always seeking to expand our global portfolio. By expanding into Ukraine, we are foraying into a robust new market that provides immense opportunity to deliver clean and longstanding power to businesses and residences and to generate returns on investments,” said Khalid M. Jolo, CEO of Nebras Power.

In addition to the acquisition of the solar projects, Nebras and UDPR have also entered into a long-term strategic partnership arrangement to identify, develop and invest in greenfield and brownfield energy projects in Ukraine.

“This sales purchase agreement signifies a fruitful conclusion of two-years of negotiations on cooperation with the State of Qatar and Nebras Power. We are happy to be opening opportunities in the Ukrainian market for a noted global power investment company and are proud to become its reliable partner. I am confident that together we will be able to make our planet cleaner and greener for future generations,” Sergiy Yevtushenko, Managing Partner of UDP Renewables said.

The collaboration between the two companies will promote a positive change in the energy industry and the environment in Ukraine by reducing its carbon footprint. The partnership, which focuses on clean and renewable energy projects, will help Ukraine meet its green energy targets and assist its energy industry in delving further into clean energy sources as it looks to transition away from a reliance on fossil fuel power.

“By 2023 we will add more to Ukraine’s green energy capacity, thus improving both our country’s environment and its global economic competitiveness. Thanks to Nebras Power’s investments we will be producing more than 700 GW*h of clean electricity per year, enough to power 310,000 average houses,” Nicholas Tymoshchuk, CEO of UFuture said.

The arrangement exemplifies Nebras Power’s growing international asset portfolio of sustainable strategic investments in power, water and renewables. Already the company has assets in Western Europe, Asia, the Middle East & North Africa, Australia and Latin America.