VEON Expands into Renewables with $80.8M Solar Acquisition in Ukraine

In a move aimed at strengthening infrastructure resilience amidst ongoing geopolitical challenges, VEON's subsidiary Kyivstar has completed the acquisition of six solar power plants in Ukraine's Lviv region. According to reports, the plants have a combined capacity of 105 MW, with the total consideration for the deal reaching $80.8 million (approximately 3.6 billion UAH). This acquisition allows the telecom operator to diversify its energy sources and secure its operational needs sustainably.

The transaction occurs as major telecom firms seek to reduce reliance on traditional power grids; the acquired assets generated UAH 682 million in revenue and UAH 596 million in EBITDA during FY 2025. In comparison to regional peers, VEON is following a strategy similar to Orange and Telefonica, which have invested heavily in renewable energy power purchase agreements (PPAs) to hedge costs, per market data. This direct acquisition represents a strategic shift toward asset ownership to ensure service continuity in volatile markets.

Operationally, investors are monitoring VEON's stock performance, which remains sensitive to financial stability in its core operating markets. Looking at the economic calendar, the market awaits the Eurozone CPI data on May 20, 2026, which could impact financing costs for capital projects in Eastern Europe. Traders will also watch the FOMC minutes on the same day to gauge the trajectory of the US Dollar, the currency in which the deal was valued.