An agreement was signed with STC Energy on the development of 170 MW solar power stations across Ukraine by the Arab Investment and Development Authority (AIDA).

A minimum of $ 2-million will be funded by the AIDA in supporting the development of those solar power stations in Ukraine.

The agreement also includes closer cooperation in agriculture and rural development along with better cooperation programs throughout Ukraine, AIDA chairman, Adil Al Otaiba remarked at a key act held at the Ukrainian Chamber of Commerce in Dubai following the signing of a deal with STC Energy CEO Nataliia Tykhonova.

The Ukrainian Ambassador to the UAE, Yuri Polurez, and State Secretary of Ministry of Economic Development and Trade of Ukraine, Oleksil Perevezentsev, were also a part of this landmark deal along with officials from AIDA.

Commenting on the agreement, Al Otaiba said, "AIDA is partnering and investing in developing and implementing this project together with the Ukrainian government."

In accordance with the agreement, AIDA and STC Energy will pool their resources and other partnerships to solidify their commitment towards the energy project.

"The project will assist in the generation of clean green energy, reductions in billions of power costs, creation of jobs, as well as its impact on the rural agricultural development and cooperative initiative programmes for both on grid and micro off grid solar power plants," said Al Otaiba.

He also went on to add that all the resources and the experiences from the success of the project would be harnessed.

Tykhonova said in connection with the partnership: "We are honoured to join hands with AIDA in this mega project. Our journey to transform Ukraine into a renewable energy zone, which is now inching closer to fruition."

'AIDA has unparalleled investment and development expertise to ensure the success of the project,' she said.