In addition the EBRD loan, the project will receive a parallel loan from the Clean Technology Fund (CTF) of up to €15.5m.

The project financing will help operate the 57.5MW wind farm, which operates 23 Fürhlander wind turbines that generate around 175GWh of electricity each year and achieve annual CO2 savings of up to 140,000 tonnes.

According to EBRD, Novoazovskiy Wind Park represents a sustainable model of energy generation and will benefit from Ukraine’s green tariff law, which was adopted with the support of the EBRD.

Under the law, the government guarantees the purchase at a fixed rate until 2030 of all electricity produced by local renewable power plants. Such plants are assured of selling 100% of their electricity supply to the national grid and should receive full and timely payments.

As of 1 August 2013 EBRD had committed over €8.55bn through 327 projects in Ukraine.