Total Eren and NBT have secured financing for the first phase of the 250MW Syvash wind farm in the Kherson region of Ukraine.
Total Eren and NBT have secured commitments for €150m, which includes €75m A-loan from EBRD and €75m B-loan form the Green for Growth Fund (GGF) and the Netherlands Development Finance Company (FMO).
A parallel loan of €5m will be provided by the Nordic Environment Finance Corporation (NEFCO).
The Syvash wind farm has been developed by Norway-based NBT together with Total Eren and it represents €380m in total investment. The wind farm will be powered by 64 wind turbines and will be located on 1,300 hectares of land in the southern Kherson region in the country.
The loan of €155m will be used for the construction of the first phase, which is 133MW. Energy generated from the wind farm will be sold to state-owned company Energorynok, the country’s wholesale electricity market operator.
Once fully construction, the wind farm is expected to generate nearly 850GWh of clean electricity annually, which is enough to power about 100,000 households in the municipality of Rivne, while reducing carbon emissions by up to 470,000 tonnes per year.
Total Eren CEO David Corchia said: “This signature marks an important milestone for Total Eren in extending its development efforts to Eastern Europe with a project of this scale.
“We are proud to have mobilized, together with our partner NBT, this trusted lender group led by EBRD and look forward to starting construction and finalizing the second phase of the project. We see tremendous potential for further development for Total Eren in Ukraine.”
The engineering, procurement and construction (EPC) contract has been awarded to PowerChina and the turbine supply order has been given to Nordex, a German manufacturer. Construction of the first phase is expected to begin in few weeks now.
NBT CEO Joar Viken said: “We are extremely happy that we can invest along with our strategic partner Total Eren in utility-scale wind farms that will power the sustainable future growth of Ukraine.
“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.”