Abu Dhabi. Arab Investment Development Authority (AIDA) and STC Energy inked an agreement for the development of solar power plants with a capacity of 170MW and 1GW in Ukraine, according to a statement from the two entities on Thursday. Aida committed $2 billion for the project.

The agreement was signed during the Ukrainian Chamber of Commerce event in Dubai by Adil Al Otaiba, Chairman of AIDA and Nataliia Tykhonova, CEO of STC Energy and other officials.

“AIDA is coming on board to co-develop and invest with STC in making this project with the Govt of Ukraine a reality,” said Al Otaiba in a statement.

“The project will assist in the generation of clean green energy, reduction in billions of power costs, creation of jobs as well as impact on the rural agricultural development and cooperative initiative programs for both on grid and micro off grid solar power plants.” Under the deal AIDA and STC Energy will pool their resources and other partnerships together in order to strengthen their commitment towards the project. The companies will work under a Total Utility Development and Solutions Integrator mechanism, which is anchored on development, technology, and innovation.

Swiss Alpha Management are appointed as financial adviser & lead funding group, the statement added.