GS Engineering & Construction (GS E&C) will enter the solar power generation market of Ukraine as an independent power producer (IPP), becoming the first Korean company to build solar power plants in the Eastern European country.
GS E&C announced on June 19 that it will start a project to develop 24 megawatt (MW) photovoltaic power plants in Zakaparpattia, western Ukraine.
Earlier, GS E&C sign a contract with Helios Strategia, a solar energy company in Ukraine, on June 14 (local time) to promote the Zakaparpattia Solar Power Project in the engineering, procurement and construction (EPC) method.
The total project cost is US$24 million. GS E&C will finance 30 percent of the cost with the remaining 70 percent to be covered with loans from local banks.
The project will build two solar power plants (12.6 MW and 11.5 MW) on a 45-hectare site near Mukachevo, Zakaparpattia near the border with Hungary in western Ukraine. A commercial operation of the power plants will start in April 2020.