The Austria-based company, which is closely affilated with Andrey Klyuev, a well-known Ukrainian businessman and politician, has declined to comment on the news.
However, sources close to the company say it is likely that the new solar power plants will be built in Abu Dhabi, which in recent years has significantly accelerated its activities in developing a local solar power industry.
The project is said to be personally supported by Ukraines President, Viktor Yanukovych, who recently visited the UAE together with a group of Ukrainian businessmen, and held talks with the UAE government.
An initial US$70 million is expected to be invested in the solar project, although it is believed this amount could be significatnly increased. No other project details have been disclosed.
In addition to the UAE, Activ Solar is also thought to be interested in installing solar power plants in India and Saudi Arabia.
Activ Solar has been very active in the Ukranian solar market, having installed over 300 MW of photovoltaics in the country to date.
Edited by Becky Beetz.