Fin close reached on 2nd phase of 250-MW Ukrainian wind project

Norway-based NBT AS and France’s Total Eren SA today said they have achieved financial close on the second phase of the 250-MW Syvash wind project in Ukraine and introduced a new partner.

In a joint statement, the companies said that AlGihaz, a Saudi Arabian conglomerate, will be a co-investor alongside Total Eren after purchasing a minority stake in the project. Details about the transaction were not provided.

The 117-MW second phase of the under-construction Syvash complex in Kherson region will be funded with a EUR 107.6 million (USD 121.2m) loan from a syndicate of lenders. Propoparco, the private sector financing arm of the French Development Agency, has provided EUR 42.6 million, some EUR 30 million came from the Black Sea Trade and Development Bank (BSTDB), while NEFCO contributed EUR 5 million. The Danish Development Finance Institution (IFU) and Finnfund each provided EUR 15 million.

Calling for a total investment of EUR 380 million, the Syvash wind park will be the largest one Ukraine and will be able to produce over 850,000 MWh of electricity per year, or enough to supply around 100,000 local homes. It is scheduled for commissioning in 2020. The plant will consist of 63 turbines, whose output will be sold to state-owned company Energorynok.

Powerchina Ltd is in charge of the project’s engineering, procurement and construction (EPC).

(EUR 1.0 = USD 1.126)

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