INTEGRITES acted as local counsel to EuroCape Ukraine I LLC, an indirect subsidiary of LongWing Energy S.C.A., a Luxemburg-based independent power producer operating renewable assets in Europe, in connection with the financing of the first 98 MW phase of a 500 MW wind farm in Zaporizhia region, Ukraine.
The first phase of the project build-out is financed by a mixture of debt and equity. The Overseas Private Investment Corporation (OPIC) is providing US$150 mln in long-term financing. The remaining project costs are financed by LongWing S.C.A, VLC Renewables and GE Capital’s Energy Financial Services. GE Renewable Energy will also supply the turbines for the 98 MW.
The first phase of the project is under construction and shall enter operation in the first quarter of 2020. The subsequent phases are intended to be finished in the course of 2020. The wind park when fully constructed is expected to reduce carbon emissions by more than 4.86 tons per year and provide 780,000 of households in Ukraine with electricity.
INTEGRITES was retained by the sponsors as local counsel on overall aspects of financing, construction, regulatory, corporate and other development matters related to the project. In particular, the advice included structuring, advice on capital and exchange controls, review of the project and finance documentation as well as complex advice on the FiT regime, the PPA and the grid connection agreement.
«We are delighted to see that this pioneering and large-scale wind energy project has successfully achieved the financial close. Above all, this project will have a positive social and environmental impact for the region and we are proud to have contributed to promoting the sustainable development of Ukraine”, – comments Igor Krasovskiy, partner and project lead at INTEGRITES.
«I am very proud to see INTEGRITES helping to implement the second wind farm project financing in Ukraine after the Syvash deal, closed by our team a few months earlier this year. I am sure that reaching financing for the remaining 402 MW will be as successful as this deal», – said Dr. Oleksiy Feliv, Managing Partner at INTEGRITES.
INTEGRITES team included, among others, Managing Partner Dr. Oleksiy Feliv (Energy and Real Estate), partners Igor Krasovskiy (Finance/Projects), Illya Tkachuk (M&A and Corporate), Viktoriya Fomenko (Tax and Customs), counsels Serhii Uvarov and Gennadii Roschepii, senior associates Olena Savchuk, Inna Kostrytska and Yuriy Korchev, associates Oleg Kotliar and Viktoriia Shvydchenko.
LONGWING ENERGY SCA is a European IPP platform which acquires, constructs and long-term operates onshore wind and solar parks in Europe. LongWing Energy owns a pipeline of operating and development wind park projects of approx. 900 MW located in France, Poland and Ukraine. The company has a growth strategy targeting additional markets.
INTEGRITES is a full-service law firm with headquarter in Ukraine. Particularly focused on renewables, the firm represents the biggest international clients with a cumulative commitment to 2 GW of wind and 500 MW solar power projects in Ukraine which ensures the firm’s leading position on the regional market. For more information visit www.integrites.com