VEON announced that VEON subsidiary Kyivstar 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 $80.8 million, or UAH 3.6 billion.

The solar assets generated approximately 113 GWh of electricity in fiscal year 2025 while delivering approximately UAH 682 million in revenue and UAH 596 million in EBITDA based on unaudited management accounts.

The acquisition significantly expands Kyivstar’s renewable energy generation portfolio, increasing its installed solar capacity nearly ninefold. Following Kyivstar’s entry into renewable energy in December 2025 through the acquisition of the 13 MW Sunvin 11 solar power plant, the company’s total installed solar generation capacity now stands at 118 MW. The expected annual output from the combined portfolio is equivalent in volume to approximately 30% of Kyivstar’s current annual electricity consumption across its telecom operations.

Kyivstar said it will sell 100% of the electricity produced by the newly acquired solar power plants to Ukraine’s unified energy system under current market and regulatory rules. The company noted this strategy 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 while supporting operational efficiency as connectivity demand continues to grow across Ukraine.

The transaction was completed after the signing of binding documentation with the seller, and regulatory approvals were received before closing.

KEY QUOTES:

“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.”

Kaan Terzioglu, Chief Executive Officer, VEON

“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.”

Oleksandr Komarov, President, Kyivstar