The financing has been secured from a banking consortium to finance the phase II construction of the Primorskaya Wind Electric Plant in Ukraine
DTEK Renewables has secured €90m (£81m) in foreign funding from a banking consortium to finance the phase II construction of the Primorskaya Wind Electric Plant (Primorsk) in southern region of Zaporizhia, Ukraine.
The loan is offered by a consortium is led by Bayerische Landesbank along with KfW IPEX-Bank and ODDO BHF Aktiengesellschaft and is secured by export credit agencies (ECA) Euler Hermes and CESCE.
GE Capital’s Global Capital Advisory (GCA) business, has facilitated this funding. The loan term is for 10 years after the commissioning of the wind farm.
Construction of the 100 MW phase II of the Primorskaya started last year. It will include 26 of GE’s turbines, each with 3.8MW of generating capacity. After the phase II is completed, the Primorskaya phase I and II will include 52 of GE’s 3.8-130/137-110HH turbines.
The 200MW Primorskaya wind farm will generate enough energy to power 350,000 Ukrainian homes
When completed, the wind farm will generate enough energy to power nearly 350,000 Ukrainian homes, while offsetting 700,000 tons of carbon emissions annually.
The active phase of construction is presently ongoing at the site. All access roads, pile fields and wind turbine foundations have already been completed and installation of the first wind turbines has started. The whole facility is expected to be commissioned by this September. The total value of the investment will be more than €150m (£134.5m).
DTEK Renewables CEO Philipp Leckebusch said: “DTEK has proven once again its status as a key investor in the renewable energy sector in Ukraine. Last year, the company’s investments accounted for about a half of the total investments in the renewable energy sector.
“The latest loan-based financing for the construction of the Primorskaya WEP strengthens the company’s role as a long-term partner for leading international financial institutions and industrial equipment supply companies.
“By providing financing for state-of-the-art and innovative solutions we continue to contribute to the transformation of Ukraine’s energy sector and to support its energy independence.”