Kyivstar is preparing its first acquisition in renewable energy: the mobile operator plans to buy Sanvin 11 LLC, which operates a solar power plant in the Zhytomyr region with a capacity of 12.95 MW.
Kyivstar is preparing its first acquisition in renewable energy: the mobile operator plans to buy Sanvin 11 LLC, which operates a solar power plant in the Zhytomyr region with a capacity of 12.95 MW.
According to Forbes Ukraine, on September 23, Kyivstar submitted an application to the AMCU to acquire Sanvin 11; the media received confirmation from the regulator on October 29. According to YouControl, the company’s revenue in 2024 amounted to UAH 81.8 million. The owner of Sanvin 11 is the Cypriot Merestone Limited, the ultimate beneficiaries are Natalia Bogachova (Czech Republic) and Israeli Petro Rosenkrantz. The Energo.ua platform indicates that the station is connected to the «green» tariff.
The estimated cost of such a facility is approximately $5 million, says UVEA Chairman of the Board Andriy Konechenkov; the solar asset market is currently illiquid due to the risks of tariff changes. Imepower Partner Yuriy Kubrushko adds that the Sanvin 11 solar power plant has a valid «green» tariff until the end of 2029, so the logic of the deal is more like the start of diversification and a learning curve for Kyivstar, rather than closing its own consumption (for this, the generation must be connected to the consumer’s internal networks).
Parent Veon has previously declared its readiness for capital investments in Ukraine. In November 2024, CEO Kaan Terzioglu emphasized that the holding has «almost half a billion dollars» of free liquidity in the country and is considering projects in energy production and distribution, including solar generation. Kyivstar itself invested UAH 10 million in a pilot with solar power plants in Odessa and Zhytomyr regions in 2024 to test the economics and scalability.
The asset portrait and the seller’s background add context. Rosenkrantz is one of the early investors in renewable energy in Ukraine; back in 2011–2012, he announced the construction of a number of solar power plants in the south, and his structures subsequently appeared in Ukrenergo’s selections for balancing capacities. At the same time, Sanvin 11 is an average facility: for comparison, the revenue of the market leader Elementum Energy in 2023 was UAH 4.1 billion.
Own or contracted generation helps telecom operators reduce the risks of blackouts and energy costs. For Kyivstar, the deal could be an entry into the energy sector with further expansion: from grid-connected solar power plants to local solutions (in particular, potential micro-wind turbines on telecom masts for own consumption). The final parameters of the deal, financing structure and integration plans have not yet been disclosed.
UPD. The Antimonopoly Committee of Ukraine has approved Sanvin 11.
This is stated in a report on the AMCU website. It notes that Kyivstar PJSC has received permission to acquire a stake in the authorised capital of Sanvin 11 LLC, which will provide more than 50% of the votes in the company’s management.
Previously, dev.ua wrote about how the Antimonopoly Committee of Ukraine rejected the first application of Kyivstar to acquire the cloud provider GigaCloud. The Antimonopoly Committee is currently processing a second application.
