May 1 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) will provide EUR 7 million (USD 7.9m) for the second phase of a 72-MWp solar project in North West Ukraine, it said in a disclosure on Friday.
The financing will go for the development, construction and operation of a 36-MWp photovoltaic (PV) park near the town of Ternovytsa, L'viv region. It will be extended to Energopark Yavoriv LLC, a special purpose vehicle established to build the solar park.
The total investment required for the Yavoriv-2 project is estimated at EUR 27.8 million. In February 2018, the EBRD agreed to extend EUR 17.3 million in debt for the first phase of the PV project.
The operation of the 36-MWp plant will help save 39,708 tonnes of carbon dioxide (CO2) emissions annually.
Energopark Yavoriv is majority held by businessman Zinoviy Kozitskiy, whose core business activities have focused on oil and gas extraction, but is now investing in renewables, in line with global trends, EBRD said previously. The lender noted that its solar project will help Ukraine reach its goal of lifting the share of renewables in primary energy generation to 25% by 2035.
(EUR 1.0 = USD 1.122)