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VEON, a global digital operator, announced that Kyivstar Group has completed the acquisition of six solar power plants in the Lviv region of Ukraine, with a combined installed capacity of 105 megawatts (MW), for a total consideration of USD 80.8 million (UAH 3.6 billion).
The solar assets being acquired generated approximately 113 GWh of electricity, while delivering approximately UAH 682 million of revenue and UAH 596 million of EBITDA in FY 2025, based on unaudited management accounts.
This acquisition expands Kyivstar’s renewable energy generation portfolio nearly ninefold and reflects VEON’s and Kyivstar’s continued investment in Ukraine’s infrastructure and energy sector. Following Kyivstar’s entry into renewable energy in December 2025 with the acquisition of the 13 MW Sunvin 11 solar power plant, Kyivstar’s total installed solar generation capacity now stands at 118 MW. The expected annual output from this combined portfolio is equivalent in volume to approximately 30% of Kyivstar’s current annual electricity consumption across its telecom operations.
Kyivstar will sell 100% of the electricity produced by the newly acquired solar power plants to Ukraine’s unified energy system in accordance with current market and regulatory rules. This enhances the company’s ability to hedge electricity costs by supplying energy from its solar power plants to the national grid at market prices with green energy tariffs, supporting operational efficiency as connectivity demand continues to expand across Ukraine.
The acquisition of the new solar generation capacity was completed after signing of binding documentation earlier today with the seller, and regulatory approvals were received preceding the transaction.
Kaan Terzioglu, Chief Executive Officer of VEON
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. As Ukraine’s leading digital operator, Kyivstar plays a critical role in maintaining connectivity for millions of customers. This acquisition strengthens Kyivstar’s operational foundation while contributing to Ukraine’s energy sector development and advancing renewable energy generation.
Oleksandr Komarov, President of Kyivstar
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. 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. Together with VEON, we continue to increase investments in the Ukrainian economy because we believe in Ukraine and its successful future.
Ray Sharma is an Industry Analyst and Editor at The Fast Mode. He has over 15 years of experience in mobile broadband technologies and solutions, conducting research and analysis on various technology segments and producing articles and write-ups on the latest developments within the sector. He is also in charge of social media engagement and industry liaisons.
Follow him on LinkedIn or Facebook. He can be reached at ray.sharma@thefastmode.com
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