26 May 2026VEON's Kyivstar Expands Renewable Energy Portfolio with Acquisition of Six Solar Power Plants Dubai and New York, May 26, 2026 - VEON Ltd. (Nasdaq: VEON), a global digital operator, today announced that Kyivstar Group Ltd. (Nasdaq: KYIV, KYIVW) ( Kyivstar ) has completed the acquisition of six solar power plants in the Lviv region of Ukraine, with a combined installed capacity of 105 megawatts (MW), for a total consideration of USD 80.8 million (UAH 3.6 billion). The solar assets being acquired generated approximately 113 GWh of electricity, while delivering approximately UAH 682 million of revenue and UAH 596 million of EBITDA in FY 2025, based on unaudited management accounts.
This acquisition expands Kyivstar's renewable energy generation portfolio nearly ninefold and reflects VEON's and Kyivstar's continued investment in Ukraine's infrastructure and energy sector. Following Kyivstar's entry into renewable energy in December 2025 with the acquisition of the 13 MW Sunvin 11 solar power plant, Kyivstar's total installed solar generation capacity now stands at 118 MW. The expected annual output from this combined portfolio is equivalent in volume to approximately 30% of Kyivstar's current annual electricity consumption across its telecom operations.
Kyivstar will sell 100% of the electricity produced by the newly acquired solar power plants to Ukraine's unified energy system in accordance with current market and regulatory rules. This enhances the company's ability to hedge electricity costs by supplying energy from its solar power plants to the national grid at market prices with green energy tariffs, supporting operational efficiency as connectivity demand continues to expand across Ukraine.
Kyivstar's investment in renewable energy reflects VEON's disciplined capital allocation in the markets we serve, deploying capital into infrastructure that generates revenue and provides a partial hedge against rising electricity costs, said Kaan Terzioglu, Chief Executive Officer of VEON. As Ukraine's leading digital operator, Kyivstar plays a critical role in maintaining connectivity for millions of customers. This acquisition strengthens Kyivstar's operational foundation while contributing to Ukraine's energy sector development and advancing renewable energy generation.
Renewable energy is a key focus area of Kyivstar's investment portfolio, and this acquisition opens further opportunities for the use of green electricity to meet the company's energy needs, said Oleksandr Komarov, President of Kyivstar. The development of our own energy generation is an important component of our long-term vision aimed at building a safe, sustainable, and efficient infrastructure. Together with VEON, we continue to increase investments in the Ukrainian economy because we believe in Ukraine and its successful future.
The acquisition of the new solar generation capacity was completed after signing of binding documentation earlier today with the seller, and regulatory approvals were received preceding the transaction.
A brief presentation with key information about this acquisition is available on the VEON website here.
About VEON
VEON is a digital operator that provides connectivity and digital services to over 150 million connectivity customers and more than 228 million digital users. Operating across five countries that are home to more than 6% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: https://www.veon.com.
About Kyivstar Group Ltd.
Kyivstar Group Ltd. ( Kyivstar ) is a Nasdaq-listed holding company that operates JSC Kyivstar, Ukraine's leading digital operator and the first Ukrainian company to list on a U.S. stock exchange. Kyivstar's companies provide a broad range of connectivity and digital services, including mobile and fixed-line voice and data, ride-hailing, e-health, digital TV, and enterprise solutions such as Big Data, cloud, and cybersecurity. For more information, please visit https://investors.kyivstar.ua.
Forward-Looking Statements
This release contains forward-looking statements , within the meaning of the Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements relating to VEON's strategy and investments in renewable energy, expected solar generation volumes, the anticipated economic effects of the transaction, and the partial hedging benefits described above. There are numerous risks, uncertainties that could cause actual results and performance to differ materially from those expressed by such statements, including risks relating to VEON's and its subsidiaries' strategic ambitions and their commercial partnerships, among others discussed in the section entitled Risk Factors in VEON's 2025 Form 20-F filed with the SEC on March 16, 2026 and other public filings made by VEON with the SEC. The forward-looking statements contained herein speak only as of the date of this release and VEON disclaims any obligation to update them, except as required by law.
Additionally, this press release includes certain financial information and data of the acquired solar businesses derived from preliminary, unaudited management accounts as of the dates indicated and is subject to completion of customary financial closing, review, and audit procedures. This information is provided for informational purposes only and should not be regarded as a complete statement of financial results or relied upon as necessarily indicative of historical or future performance.
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