July 26 (Renewables Now) - General Electric Company (NYSE:SE) and its partners have successfully raised USD 150 million (EUR 134.7m) in debt financing needed for the construction of the 98-MW first phase of the Zaporizhia wind farm project in Ukraine.
GE Energy Financial Services, as a minority equity investor in the project, has facilitated the transaction with the US Government's Overseas Private Investment Corporation (OPIC), enabling sponsor LongWing Energy SCA and co-investor VLC Renewables to reach financial close. JP Morgan was the hedge provider.
The first phase of the 500-MW Zaporizhia onshore wind farm is expected to start commercial operations in 2020. GE Renewable Energy will supply 27 units of the 3.6-MW wind turbines for this portion of the project. The annual production is estimated at over 330,000 MWh, equivalent to powering around 170,000 households.
The wind farm will sell its output under a power purchase agreement (PPA) with Ukraine state-owned enterprise Energorynok and will benefit from a 10-year fixed rate feed-in tariff.
Once Zaporizhia’s full capacity is online, the 500-MW complex is expected to be among the top five largest operating wind farms in Europe, GE and VLC Renewables said.
(USD 1.0 = EUR 0.9)