Kyivstar buys six solar plants to expand renewable energy portfolio

Details: John Tanner; Category: Energy & Sustainability; 27 May 2026; 8223 views

Kyivstar announced on Tuesday it has completed its acquisition of six solar power plants in the Lviv region of Ukraine in a deal worth UAH3.6 billion (US$80.8 million) as it continues to chase renewable energy as a new revenue stream.

Kyivstar said the solar power plants – which sport a combined installed capacity of 105 MW – generated approximately 113 GWh of electricity in FY 2025, while delivering approximately UAH682 million of revenue and UAH596 million of EBITDA in the same time period, based on unaudited management accounts. Kyivstar has not named the previous owner of the solar plants.

Kyivstar will sell 100% of the electricity produced by the plants to Ukraine’s unified energy system in accordance with current market and regulatory rules. The telco said this will enhances its ability to hedge electricity costs by supplying energy from its solar power plants to the national grid at market prices with green energy tariffs, which will support operational efficiency as connectivity demand expands across Ukraine.

The deal is Kyivstar’s second big move into the renewable energy space following its December 2025 acquisition of solar power company Sunvin 11, which owns a 12.9-MW solar plant in the Zhytomyr region. The combined assets put Kyivstar’s total installed solar generation capacity at 118 MW.

Kyivstar president Oleksandr Komarov said the expected annual output from its renewable energy portfolio is equivalent in volume to around 30% of Kyivstar’s current annual electricity consumption across its telecom operations.

“Renewable energy is a key focus area of Kyivstar’s investment portfolio, and this acquisition opens further opportunities for the use of green electricity to meet the company’s energy needs,” Komarov said in a statement. “The development of our own energy generation is an important component of our long-term vision aimed at building a safe, sustainable, and efficient infrastructure.”

Kaan Terzioglu, CEO of Kyivstar’s parent company Veon, added that Kyivstar’s investment in renewable energy “reflects Veon’s disciplined capital allocation in the markets we serve, deploying capital into infrastructure that generates revenue and provides a partial hedge against rising electricity costs.”