Ukraine’s largest mobile operator, Kyivstar, has entered the renewable energy market by acquiring Sanvin 11, a company engaged in the production of green electricity. The value of the transaction amounted to UAH 347.57 million, the company said in a press release on December 16.
Sanvin 11 operates a single solar power plant in the Zhytomyr region with an installed capacity of 12.95 MW. According to Kyivstar’s preliminary estimates, the plant can generate electricity equivalent to approximately 4% of the operator’s annual power consumption.
Kyivstar said investments in renewable energy are part of its strategy to strengthen network resilience and reduce dependence on external electricity suppliers. In an unstable energy market environment, in-house generation is viewed as a key element in ensuring the sustainability of telecom infrastructure.
Electricity produced by the solar power plant will be supplied to Ukraine’s unified power grid. This will allow the operator to partially hedge risks associated with electricity price fluctuations, the press release said.
Kyivstar’s interest in solar generation is not new. In 2024, the operator invested UAH 10 million in a pilot solar project in the Odesa and Zhytomyr regions. As Kyivstar’s CTO Volodymyr Lutchenko told Forbes in November, the pilot was designed to test the economic effect and assess the feasibility of scaling such solutions to other regions. In addition to solar power, the operator is also exploring potential investments in wind energy.
The acquisition of Sanvin 11 had been in preparation for some time. On September 23, 2025, Kyivstar submitted an application to Ukraine’s Antimonopoly Committee to acquire the energy company, according to an official response from the regulator to a Forbes Ukraine inquiry dated October 29.
According to YouControl data, Sanvin 11 is wholly owned by the Cyprus-based company Merestone Limited. Its ultimate beneficiaries are Nataliia Bohacheva, a resident of the Czech Republic, and Petro Rosenkrantz, a resident of Israel. Sanvin 11 LLC is registered in Odesa, and its revenue in 2024 amounted to UAH 81.8 million, a relatively modest figure for the sector. By comparison, Ukraine’s largest renewable energy player, Elementum Energy, generated UAH 4.1 billion in revenue in 2023, according to the Forbes ranking.
