Integrites, K&L Gates, Redcliffe Partners, and Clifford Chance Advise on Funding of Giant Wind Farm in Ukraine
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Integrites and K&L Gates have advised Norwegian utility-scale wind power developer NBT and Paris-based renewable energy independent power producer Total Eren on their entrance into a framework agreement with a syndicate of foreign lenders, including EBRD and the Nordic Environment Finance Corporation, for the construction of one of the largest wind farms in Europe. Redcliffe Partners and Clifford Chance advised the lenders and J.P. Morgan Securities Plc as debt coordinator.
According to Redcliffe Partners, the firm provided Ukrainian advice to the lenders and debt coordinator “in connection with a EUR 155 million secured term loan to be provided to Ukrainian project company SyvashEnergoProm to fund the construction of the first phase of a 250 MW wind power plant near Syvash Lake, in the Kherson Region of Ukraine. The signing ceremony occurred at the World Economic Forum in Davos in the presence of the President of Ukraine.”
“At its full size,” Redcliffe Partners reports, “the overall cost of the project amounts to EUR 380 million, making the project the biggest investment in the renewables energy sector in Ukraine to date.”
“It is really iconic, since it is funded exclusively by international lenders,” said Integrites Managing Partner Oleksiy Feliv. “Project financing is extremely necessary for Ukraine, therefore we are convinced that this project will open the door for other similar projects and new investments. We are happy that the hard work over the last year culminated in the signing.”
Redcliffe Partners Managing Partner Olexiy Soshenko agreed. “This project shows not just a continued interest of international investors in the renewables sector in Ukraine,” he said, “but also manifests the readiness of strategic foreign investors and a number of international financial institutions to invest in such projects in Ukraine.”
We are extremely happy that we can invest in utility scale wind farms that will power the sustainable future growth of Ukraine,” added Joar Viken, CEO of NBT. “The 250MW Syvash wind farm is just the start of our plans to invest a considerable amount of capital in our large pipeline of wind projects in Ukraine over the next two to three years. With improved business climate in Ukraine and success of this international project financing, we envision that private commercial institutions and international investors will see the benefits of investing in Ukraine. In addition, we foresee potential interest for Green Bonds to financing NBT’s pipeline of new wind projects in Ukraine. We look forward to working with the Government of Ukraine and our strategic partners to support our expansion plans for investing in wind power in Ukraine.”
The Integrites team included Managing Partner Oleksiy Feliv and Associate Olena Savchuk.
Redcliffe Partners’ team was led by Managing Partner Olexiy Soshenko and Senior Associate Evgeniy Vazhynskiy, assisted by Counsels Svitlana Teush, Oleksandr Markov, and Anastasia Usova, and Junior Associates Eduard Olentsevych and Bogdan Nykytiuk.
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