Kyivstar Group, a subsidiary of digital operator VEON, has acquired six solar power projects totaling 105 MW in Ukraine’s Lviv region for $80.8 million.

The acquisition expands Kyivstar’s renewable energy generation portfolio nearly ninefold. Kyivstar entered the renewable energy sector in December 2025 with the acquisition of the 13 MW Sunvin 11 solar project.

Kyivstar will sell all the electricity generated by the newly acquired solar projects to Ukraine’s unified energy system under current market and regulatory rules. The company said the arrangement will help it hedge electricity costs by supplying solar power to the national grid at market prices with green energy tariffs.

Following the latest acquisition, Kyivstar’s total installed solar generation capacity stands at 118 MW. The company said the expected annual output from the combined portfolio is equivalent to approximately 30% of its current annual electricity consumption across telecom operations.

“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,” said Kaan Terzioglu, Chief Executive Officer of VEON. “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.”

The projects generated approximately 113 GWh of electricity in 2025, according to unaudited management accounts. They also recorded UAH 682 million (~$15.3 million) in revenue and UAH 596 million (~$13.4 million) in earnings before interest, taxes, depreciation, and amortization during the year.

Kyivstar completed the acquisition after signing binding documentation with the seller. The company had received the required regulatory approvals before closing the transaction.

According to Mercom’s Q1 2026 Solar Funding and M&A report, approximately 18.4 GW of solar projects were acquired in the first quarter of 2026, compared to 13.6 GW in Q1 2025.

In 2026, SolarAfrica, an independent renewable power producer, signed an agreement to acquire the 315 MW Nyakallo solar and battery storage project in Limpopo, South Africa, from Norsk Renewables, a Norwegian renewable energy project developer.