Kyivstar Acquires Solar Farms for $80.8M

Kyivstar, a subsidiary of global digital operator VEON, has significantly expanded its renewable energy footprint in Ukraine with the acquisition of six solar power facilities. The transaction, valued at $80.8 million (UAH 3.6 billion), adds 105 megawatts (MW) of installed solar capacity, marking a substantial leap in the company's commitment to sustainable energy generation.

This strategic move nearly multiplies Kyivstar's solar power generation capabilities by ninefold. Prior to this acquisition, the company had entered the renewable energy sector in December 2025 with the purchase of the 13 MW Sunvin 11 solar plant. The combined capacity now reaches 118 MW, with an anticipated annual output sufficient to cover approximately 30% of Kyivstar's current electricity needs for its extensive telecom operations.

The newly acquired solar assets, located in the Lviv region, demonstrated robust performance in fiscal year 2025, generating roughly 113 gigawatt-hours (GWh) of electricity. Financials from unaudited management accounts show these facilities contributed approximately UAH 682 million in revenue and UAH 596 million in EBITDA, underscoring their immediate economic value.

Under the terms of the agreement, Kyivstar will supply 100% of the electricity generated by these new solar plants to Ukraine's unified energy system. This approach aligns with current market and regulatory frameworks, enabling the company to leverage green energy tariffs and hedge against fluctuating electricity costs. This integration of self-generated renewable power is crucial for maintaining operational efficiency as demand for connectivity services continues to surge across Ukraine.

VEON CEO Kaan Terzioglu highlighted the acquisition as a testament to disciplined capital allocation, emphasizing its role in generating revenue and mitigating rising energy expenses. He noted that this investment strengthens Kyivstar's operational resilience while simultaneously supporting Ukraine's energy sector development and advancing the nation's renewable energy goals.

Echoing this sentiment, Kyivstar President Oleksandr Komarov stated that renewable energy is a central pillar of the company's investment strategy. He views the development of in-house green electricity generation as vital for building a secure, sustainable, and efficient infrastructure. Komarov reaffirmed Kyivstar's and VEON's confidence in Ukraine's future, evidenced by their continued investment in the Ukrainian economy.

The transaction received all necessary regulatory approvals prior to its completion, following the finalization of binding agreements with the seller. This expansion positions Kyivstar as a significant player in Ukraine's renewable energy infrastructure, contributing to both corporate sustainability and national energy security.