Martifer Solar, a subsidiary of Martifer SGPS, has signed an EPC contract for construction of a 4.5 MW photovoltaic project in Ukraine with Green Agro Service LLC, a company of Rengy Development group. The project marks Martifer Solar's entry into the country where it has opened a new subsidiary, and boosts the company’s focus on internationalization.

The photovoltaic plant, which will be located in Porogi, in the Vinnytsia region, will have capacity to produce 5.37 GWh per year and will prevent the emission of 5,000 tons of CO2 into the atmosphere each year.

The park will be made up of 18,300 modules installed on fixed structures on an area of approximately 10 hectares.As EPC contractor, Martifer Solar will be exclusively responsible for engineering, procurement and construction of the plant, and for its operation and maintenance (O&M). The project is scheduled to be concluded at the end of 2012.

“This is another important step in the internationalization process of Martifer Solar. Since the beginning we have focused on internationalization and we are very pleased with our entry into Ukraine. We are happy that institutions such as the EBRD and Rengy Development have placed their trust in Martifer Solar Ukraine, where our aim is to take a leading position in this high potential market, whilst providing economic and environmental benefits to the local population," said Henrique Rodrigues, CEO of Martifer Solar.

“This is our first solar energy project in cooperation with Martifer Solar and it marks an important step for our company. We hope it will be the cornerstone of what may be a long-lasting partnership in this vibrant and high potential market. We value Martifer Solar’s experience in this sector of a number of European countries and trust that it will benefit the Ukrainian market, which is just starting development of solar energy,” commented Narek Harutyunyan, managing director of Rengy Development.

The project’s development was the responsibility of Rengy Development, a company that plans to build several photovoltaic parks in the region, with a total capacity of 50 MW. This is the first solar energy project funded by EBRD, the European Bank for Reconstruction and Development, via USELF (Ukraine Sustainable Energy Lending Facility), an investment facility designed to provide finance to local companies that want to invest in renewable energy projects.

Ukraine, with its high levels of solar radiation, has excellent conditions for implementing photovoltaic projects. The country’s installed capacity is expected to total 300 MW in 2012 and 1 GW at the end of 2013.