Syvash Wind Power Project

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The project involves the development, construction and operation of an onshore MW 250 wind farm along the northern shores of Lake Syvash in the Kherson region of southern Ukraine. The SPV is called SyvashEnergoProm LLC and it is owned by Total Eren SA of France, NBT AS of Norway and Al Gihaz of Saudi Arabia. The total project cost is EUR 376.81 million ($ 428.45 million). In support of the construction of the initial capacity of 133 MW phase (phase one) SyvashEnergoProm will receive EUR 155 million ($ 176.24 million) loan from: EBRD providing A-loan of EUR 75 million ($ 85.28 million), Green for Growth Fund providing EUR 25 million ($28.43 million) and the Netherlands Development Finance Company (FMO) providing B-loan of up to EUR 50 million ($ 56.85 million) and Nordic Environment Finance Corporation (NEFCO) providing a parallel loan of EUR 5 million (5.69 million). Financial close for this financing package has been reached in January 2019. In April 2019, additional EUR 107.6 million ($ 122.35 million) have been agreed in support of the second stage of the project with a generating capacity of 117 MW. This brings the total debt financing for the project to EUR 262.6 million ($ 298.59 million). The second package has been contracted with the Black Sea Trade and Development Bank (BSTDB) contributing EUR 30 million ($ 34.11 million), Finnfund contributing EUR 15 million ($ 17.06 million), Danish Investment Fund for Developing Countries IFU contributing EUR 15 million ($ 17.06 million) and French Development Finance Institution Proparco contributing EUR 42.6 million ($ 48.42 million) and NEFCO contributing EUR 5 million ($ 5.9 million). Once commissioned, the project is expected to be the largest renewable energy project in Ukraine to date. 1,320 hectares of land have been leased for 49-years and SyvashEnergoProm has secured a grid connection agreement with Ukrenergo, the Ukrainian transmission system operator. SyvashEnergoProm has a license to generate renewable energy under the green feed-in-tariff regime of Ukraine, valid until 1 January 2030. https://www.ebrd.com/news/2019/ebrd-supports-largest-windfarm-in-ukraine-.html https://www.ebrd.com/work-with-us/projects/psd/uself-nbt-syvash-wind.html https://www.fmo.nl/project-detail/54812 https://www.ggf.lu/fileadmin/user_upload/08_press/pdf/2019-01_Press_Release_%E2%80%93_GGF_contributes_EUR_25_million_to_Syvash_wind_project.pdf https://www.nefco.org/news/nefco-co-finances-the-largest-windfarm-in-ukraine/ https://www.bstdb.org/project-center/projects-financed_3743.htm?ProjectID=OP/18/0038 https://www.bstdb.org/news-and-events/press-releases/press-releases_4629.htm https://www.finnfund.fi/en/news/finnfund-invests-in-ukraines-largest-windfarm/ https://www.proparco.fr/en/ukraine-proparco-has-allocated-eur-43m-loan-construction-wind-farm https://www.ifu.dk/en/news/ifu-co-finances-large-wind-farm-project-in-ukraine/ https://www.total-eren.com/wp-content/uploads/2019/04/PR_ENG_Syvash-Financing-II-TE-NBT_AlGihaz-FINALv3.pdf http://www.nbtas.no/en/projects-ukraine/ukraine