16 Dec 2025
VEON's Kyivstar Invests in Renewable Energy in Ukraine with Acquisition of Solar Power Company Dubai and Kyiv, December 16, 2025: VEON Ltd. (Nasdaq: VEON), announces that Kyivstar (Nasdaq: KYIV; KYIVW), Ukraines leading digital operator, has acquired 100% of LLC SUNVIN 11, adding 12.9 MW of solar generation capacity to its energy resilience investments.
The acquisition marks Kyivstar's first investment into renewable energy. Electricity generated by the solar facility will be supplied to Ukraine's national grid in accordance with applicable market and regulatory frameworks.
The acquisition will enable Kyivstar to participate in Ukraine's country-wide energy resilience, while also supporting Kyivstar's operational and financial foundations by partially hedging against volatility in energy costs and dependability. The solar power facility is also expected contribute to an incremental improvement in Kyivstar's overall carbon footprint.
Investing in renewable energy is a strategic step that contributes to the development of renewable energy in Ukraine while enabling Kyivstar to enhance operational and financial stability. This investment, combined with the recent introduction of Starlink Direct to Cell satellite connectivity and ongoing installations of batteries and generators to directly power Kyivstar's network mean that our customers can rely on us for connectivity and innovative digital services, said Oleksandr Komarov, CEO of Kyivstar.
This acquisition represents further progress on Kyivstar's and VEON's commitment to invest USD 1 billion into Ukraine over 2023-2027, including through investments in connectivity, energy resilience, and Kyivstar's portfolio of innovative digital businesses.
About Kyivstar
Kyivstar Group Ltd. is a Nasdaq-listed holding company that operates JSC Kyivstar, Ukraine's leading digital operator and the first Ukrainian company to have its shares traded on a U.S. stock exchange. Kyivstar Group's operations span 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. Together with VEON, Kyivstar intends to invest USD 1 billion in Ukraine between 2023-2027, through investments in infrastructure and technological development, charitable donations and strategic acquisitions. For more information, please visit https://investors.kyivstar.ua. Nasdaq tickers: KYIV; KYIVW
About VEON
VEON is a digital operator that provides converged connectivity and digital services to nearly 150 million connectivity and 120 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.
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, the impact of LLC SUNVIN 11 on Kyivstar's operating, financial and sustainability performance. 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 the timing and impact of the impact of LLC SUNVIN 11 on Kyivstar's operating, financial and sustainability performance, among others discussed in the section entitled Risk Factors in VEON's 2024 Form 20-F filed with the SEC on April 25, 2025 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.
Contact Information
VEON
Hande Asik
Chief Communications and Strategy Officer
pr@veon.com
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