Back to top

EBRD supports largest windfarm in Ukraine

  • EBRD arranging syndicated loan of €150 million to SyvashEnergoProm
  • Project to be co-financed by Green for Growth Fund, FMO and NEFCO
  • EBRD’s latest investment under USELF III achieves significant CO2 reductions

(Courtesy of pexels.com)

The EBRD is supporting energy security and reduced pollution in Ukraine by arranging a syndicated loan of €150 million loan for the construction of a 250 MW windfarm in the Kherson region of southern Ukraine.

The loan will be extended to the local developer SyvashEnergoProm LLC, co-owned by renewable energy groups Total Eren of France and NBT of Norway, for the construction of the initial 133 MW phase. The farm is expected to begin power generation by the end of 2019.

The package will consist of a €75 million EBRD A-loan and a B-Loan of up to €75 million from the Green for Growth Fund (GGF) and the Netherlands Development Finance Company (FMO). A parallel loan of €5 million will be provided by the Nordic Environment Finance Corporation (NEFCO).

Once the project is fully commissioned, it is expected to reduce CO2 emissions by 470,000 tonnes annually, and to produce over 850,000 MWh of renewable energy each year – enough to provide power to the Ukrainian municipality of Rivne, which has approximately 100,000 households.

The wind farm is the latest investment under the EBRD’s €250 million Ukraine Sustainable Energy Lending Facility III (USELF III) framework approved by the Bank in July 2018. USELF III builds on two previous programmes co-financed by the EBRD and the Clean Technology Fund, which yielded 13 renewable energy projects in Ukraine with an aggregate installed capacity of 151 MW.

Speaking at the signing ceremony in Davos yesterday, EBRD President Suma Chakrabarti said, "We are delighted to be supporting the two world class developers who will build Ukraine's largest windfarm. This shows that Ukraine's commitment to carry out energy sector reforms is increasing the investor confidence needed to achieve the country’s energy transition. This project is good news for Ukraine, investors and for the planet."

The EBRD is the largest international financial investor in Ukraine. Since the start of its operations in the country in 1993, the Bank has made a cumulative commitment of almost €13.1 billion across some 418 projects in Ukraine.

References

[1]

The European Bank for Reconstruction and Development (EBRD). Press release - EBRD supports largest windfarm in Ukraine. URL: https://www.ebrd.com/news/2019/ebrd-supports-largest-windfarm-in-ukraine-.html. [Date Accessed: 24/01/2019].

Business & Finance

24 Jan | Parkwind and ESB to develop two offshore wind farms at Oriel and Clogherhead

  • Potential generation capacity at Oriel Wind Farm to meet the needs of most of the population in Louth and Meath - 280,000 families
  • Highly complementary partnership between Parkwind, an experienced offshore operator, and ESB, which has significant experience in the delivery of major engineering projects in Ireland

Business & Finance

18 Jan | TEPCO and Ørsted sign MoU to work jointly on offshore wind projects

Tokyo Electric Power Company Holdings, Inc. (TEPCO), the largest power company in Japan, and Ørsted A/S (Ørsted), the world’s leading offshore wind developer, announced today that they have signed a memorandum of understanding to work jointly on offshore wind projects.

Business & Finance

17 Jan | Wavin making waves with offshore wind farm energy supply

Manufacturer cuts CO2 emissions by 13.7 tonnes a year, with renewable energy from Ørsted.

Business & Finance

11 Jan | MHI Vestas to Open US Headquarters in Boston

Marking a new era for MHI Vestas Offshore Wind in the US, the company will establish its base in Boston with recent hire Jason Folsom to lead the company’s ramp-up efforts. The office will focus initially on sales and strategy as it develops a local footprint for projects in the region.