EBRD backs 4.5-MW solar project in Ukraine

Oct 8, 2012 - The European Bank for Reconstruction and Development (EBRD) is to finance a 4.5-MW solar project in southern Ukraine of Rengy Development, a company currently operating in Ukraine and Armenia.

The bank said today it was arranging EUR 5.7 million (USD 7.4m) in financing to support the development, construction and operation of the solar facility in Ukraine's Vinnitsya region. The funding includes a EUR-4.1-million eight-year loan from the EBRD and a EUR-1.6-million 15-year loan from the Clean Technology Fund (CTF).

The project is a part of the EUR-70-million EBRD Ukraine Sustainable Energy Lending Facility (USELF) aimed at supplying finance to Ukrainian companies interested in investing in renewable energy projects in the country. Technical support is funded by the Global Environmental Facility (GEF).

The EBRD has so far poured more than EUR 1.3 billion in Ukrainian sustainable energy projects, noted Andre Kuusvek, the bank's Country Director for Ukraine.

(EUR 1.0 = USD 1.297)

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