August 28 (Renewables Now) - Ukrainian energy group DTEK has secured EUR 90 million (USD 105.5m) in project financing for the first 100-MW stage of the 200-MW Primorskaya wind project in Ukraine's Zaporizhia region.
The financing has been provided by a German banking consortium, led by Bayerische Landesbank and also including KfW IPEX-Bank and Bremer Kreditbank, according to statements by DTEK and General Electric (NYSE:GE), which is supplying turbines for the project. German Export Credit Agency, Euler Hermes, provided an export credit guarantee for the deal.
As previously announced, GE Renewable Energy will provide 26 units of 3.8-MW wind turbines for the first phase of the wind farm on the Sea of Azov shore.
GE Energy Financial Services said it facilitated the raising of financing for the project. Key turbine components will be produced in Germany and the nacelle will be built at the GE facility in Salzbergen, the company noted.
The entire 200-MW wind farm is expected to be ready by the end of 2019, helping Ukraine meet its target of getting 11% of its electricity from renewables by 2020.
Guto Davies of GE Energy Financial Services commented that there is "increased demand for renewables projects in emerging markets as part of their clean energy ambition."
"In a few years, we raised EUR 335 million from German banks for the construction of new wind farms," said Maxim Timchenko, chief executive of DTEK, which aims to have 1,000 MW of green facilities in its portfolio by 2020.
(EUR 1 = USD 1.172)