The Arab Investment and Development Authority (AIDA) has signed an agreement with STC Energy for the development of 170MW solar power plants across Ukraine.

Development of these solar power plants in the Ukraine will be backed by a minimum $2-billion by AIDA.

The agreement also details closer co-operation in the agriculture and rural development sectors, along with improving co-operative programmes across the Ukraine, remarked AIDA Chairman Adil Al Otaiba after sealing the deal with STC Energy CEO Nataliia Tykhonova at a key ceremony held in  Ukrainian Chamber of Commerce in Dubai.

The Ukrainian Ambassador to the UAE, Yuri Polurez, and State Secretary of Ministry of Economic Development and Trade of Ukraine, Oleksil Perevezentsev, also took part along with representatives from AIDA.

Commenting on the deal, Al Otaiba said: "AIDA is coming on board to co-develop and invest with STC in making this project with the Government of Ukraine a reality."

Under the agreement, AIDA and STC Energy will pool their resources and other partnerships to strengthen their commitment towards the energy project.

"The project will assist in the generation of clean green energy, reductions in billions of power costs, creation of jobs, as well as its impact on the rural agricultural development and cooperative initiative programmes for both on grid and micro off grid solar power plants," stated Al Otaiba.

"We will harness all resources and our experiences for the success of the project," he added.

On the partnership, Tykhonova said: "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."

"AIDA brings on board unparalleled investment and development expertise that will be useful in ensuring the project’s success," she added.

The duo has signed up Swiss Alpha Management as the financial advisor and lead funding group for the project.-TradeArabia News Service