Economy

The EBRD will provide Elementum Energy with 70 million euros for new wind farms in Ukraine

The European Bank for Reconstruction and Development (EBRD) has approved a loan to the British company Elementum Energy, a subsidiary of the U.S.-based VR Capital Group, up to EUR60 million and up to EUR10 million, respectively, for the construction of two wind farms in southern and western Ukraine with a total capacity of 258 MW; with a total project cost of EUR401 million, the bank announced on its website, according to "Komersant Ukrainian"

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“The project involves a long-term loan of up to 60 million euros and a preferential CTF loan of up to 10 million euros for Dnister Wind Farm LLC and Windpark West-R LLC (collectively, the “co-borrowers”), project companies of Elementum Energy Limited (“EEL” or “the Client”), Ukraine’s second-largest renewable energy operator,” the bank’s statement reads.

According to the statement, the EBRD’s financing will be part of a loan package totaling up to EUR250 million, which will be provided jointly with the IFC and other co-lenders.

“The proceeds from the loan package will be used to finance the construction and operation of two wind power plants with capacities of 58 MW and 200 MW in Ukraine (the “Project”). The Project will receive a first-loss guarantee under the Hi-Bar program of the Investment Program in Ukraine,” the statement reads.

The wind farms are expected to generate approximately 730 GWh of electricity per year and reduce CO2 emissions by approximately 469,000 metric tons per year.

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For the purpose of constructing and operating the two aforementioned wind farms in Ukraine, the project companies Dnister Wind Farm LLC and Windpark West-R LLC have been registered.

The 58-MW wind farm will be located in southern Ukraine (Southern Wind Farm), while the 200-MW wind farm, along with the associated infrastructure of a 110 kV overhead power line connecting to the existing 330/110/10 kV substation, will be located in western Ukraine (Western Wind Farm).

Elementum Energy is one of the largest international investors in Ukraine’s renewable energy sector. The company already manages a portfolio of projects with a total capacity of 636 MW, including solar and wind power plants.

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