DTEK secures €90m financing for phase II of Primorskaya wind project in Ukraine
June 27, 2019 – Ukrainian energy firm DTEK Renewables has secured €90m (£80.5m) in financing to build phase II of the Primorskaya Wind Electricity Plant (WEP) in Zaporizhzhya region, Ukraine.
The loan was facilitated by a consortium led by Bayerische Landesbank and comprising two further German banks KfW IPEX-Bank and ODDO BHF Aktiengesellschaft, and secured by export credit agencies (ECA) Euler Hermes and CESCE.
DTEK Renewables CEO Philipp Leckebusch said: “The latest loan-based financing for the construction of the Primorskaya WEP strengthens the company’s role as a long-term partner for leading international financial institutions and industrial equipment supply companies.
“By providing financing for state-of-the-art and innovative solutions we continue to contribute to the transformation of Ukraine’s energy sector and to support its energy independence.”
Construction has already commenced on the 100MW phase II of the Primorskaya WEP in 2018.
The wind project will feature 26 wind turbines, which will be manufactured by GE and each with a generation capacity of 3.8MW.
GE Capital managing director – global ECA advisory and execution leader Guto Davies said: “Primorsk highlights GE’s capability in connecting finance and technology to game-changing renewable projects in complicated markets looking for clean and sustainable energy sources for the future.”
The Primorskaya WEP, upon completion of two phases, will comprise 52 GE 3.8-130/137-110HH wind turbines which are claimed to be most innovative GE onshore turbines.
The overall cost of the project is more than €150m (£134.1m). The wind farm is expected to generate power required to meet the power needs equivalent of ~350,000 homes in Ukraine, and reduce CO2 emissions by 700 thousand tonnes per year.
GE Renewable Energy Onshore Europe/SSA leader Peter Wells said: “By supplying some of GE’s most innovative wind turbines, the project will enable affordable, reliable and clean energy to the residents and businesses of the Zaporizhia region.”
Second phase of the wind project is planned to be completed by the end of the third quarter of 2019.
GE said that the Primorsk WEP will contribute to Ukraine’s aim to generate 11% of its total electricity from renewable sources by 2020.