Kyivstar Group Ltd., Ukraine's leading digital operator and a Nasdaq-listed company, has announced the acquisition of six solar power plants in the Lviv region, paying UAH 3.6 billion, equivalent to approximately USD 80.8 million, for the assets. The deal marks the company's most significant move yet into renewable energy generation and brings its total green energy capacity to 118 megawatts.

Deal Scale and Financial Details

The six acquired solar facilities carry a combined installed capacity of 105 megawatts. In 2025, those assets generated approximately 113 gigawatt-hours of electricity, producing around USD 15.31 million in revenue and USD 13.38 million in EBITDA, according to figures Kyivstar described as derived from preliminary, unaudited management accounts.

The total consideration of USD 80.8 million was paid in full as part of the transaction announced. The acquisition follows an earlier move into energy generation that Kyivstar made in December 2025, when the company purchased Sunvin 11, a 13-megawatt solar asset. Adding the six newly acquired plants to that initial holding brings Kyivstar's renewable generation portfolio to a combined 118 MW.

Strategic Rationale: Hedging Costs and Meeting Growing Demand

Kyivstar said it intends to supply electricity produced by the newly acquired plants to Ukraine's unified energy system under current market and regulatory rules.

The company said this arrangement will allow it to hedge electricity costs by feeding solar-generated power into the national grid at market prices with green energy tariffs.

With 118 MW of generation capacity now in place, Kyivstar said it is capable of producing electricity equivalent to approximately 30 percent of its current annual consumption.

The company framed the transaction as a response to the continuing growth in connectivity demand across Ukraine. Data traffic expansion is increasing the energy requirements of operating Kyivstar's network, and the company said green energy projects are integral to managing those costs over the long term while maintaining operational stability.

Oleksandr Komarov, President of Kyivstar, described renewable energy as a key focus area of the company's investment portfolio.

"The development of our own energy generation is an important component of our long-term vision aimed at building safe, sustainable, and efficient infrastructure," Komarov said in a statement accompanying the announcement. "Together with VEON, we continue to increase investments in the Ukrainian economy because we believe in Ukraine and its successful future."

Location and Regulatory Context

All six solar power plants are located in the Lviv region of western Ukraine. Kyivstar did not disclose the names of the sellers or the specific sites of the individual installations.

The company stated that electricity from the plants will be supplied to the grid in accordance with existing market and regulatory frameworks, which include green energy tariff arrangements for renewable generation.

Kyivstar is part of VEON Group, which is also listed on Nasdaq. The parent holding company, Kyivstar Group Ltd., trades on the exchange under the tickers KYIV and KYIVW, having become the first Ukrainian company to list on a U.S. stock exchange.

Company Profile and Wartime Operations

JSC Kyivstar serves more than 22 million mobile customers and over 1.2 million fixed-line home internet subscribers as of March 31, 2026. Its services span mobile and fixed-line voice and data, ride-hailing, e-health platforms, digital television, and enterprise solutions, including big data analytics, cloud computing, and cybersecurity.

The company has operated in Ukraine for 28 years and identifies itself as the largest taxpayer in the country's digital communications market. Over the past three years, Kyivstar said it has allocated more than USD 98.77 billion to support Ukraine's Defense Forces, its subscribers, and social projects.

The company described investment in renewable energy as consistent with its broader commitment to ESG principles and support for the Ukrainian economy during wartime conditions.

Energy Diversification as a Long-Term Priority

Kyivstar said it plans to continue investing in initiatives that combine technological efficiency with alignment to environmental, social, and governance principles.

The company indicated that the Lviv acquisition is not necessarily the endpoint of its renewable energy expansion, noting that the transaction opens further opportunities for the use of green electricity to meet its energy needs.

The two-step buildout of Kyivstar's generation portfolio, first the December 2025 acquisition of a 13-megawatt plant and now the addition of 105 megawatts across six facilities, reflects a deliberate effort to diversify the company's energy supply at a time when grid reliability in Ukraine remains a concern due to ongoing conflict.

By generating its own electricity and supplying surplus power to the national grid, Kyivstar said it is positioning itself to manage energy costs more predictably while also contributing to the broader stability of Ukraine's energy infrastructure.

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