GE Facilitates EUR 90 Million Project Financing For Ukrainian Wind Farm
GE Capital’s Global Capital Advisory business, a unit of GE has reached another project milestone for DTEK Renewables BV 200 MW wind farm project, Primorskaya Wind Electric Plant (Primorsk). Financial close on a EUR 90 million project financing package was reached with a German banking consortium and two European export credit agencies for the construction of phase II of a wind farm in the southern region of Zaporizhia, Ukraine.
A banking consortium led by Bayerische Landesbank and comprising two further German banks will provide senior debt for an amount of EUR 90 millionto the project. The deal is supported by German export credit agency, Euler Hermes, which is acting on behalf and for account of the Federal Republic of Germany and will provide an export credit insurance for the senior debt alongside the Spanish ECA, CESCE, which will provide reinsurance to Euler Hermes for approximately one-third of the financing.
Phase II of Primorsk is part of DTEK’s two-phase process to build a 200MW wind farm in Ukraine. Phase I*, also with a capacity of 100MW, has already started operation in the same region of Zaporizhia. To-date, 26 wind turbines for phase I have been commissioned and are already generating electricity. Upon completion of all the works (phase I and II), output of the Primorsk will be 200MW of clean energy supplied to the country’s power grid. In total, Primorsk will be equipped with 52 GE 3.8-130/137-110HH wind turbines, one of the most powerful GE onshore turbines and is expected to generate enough electrical energy to power the equivalent of ~350,000 homes in Ukraine.
Commercial operations of phase II are expected to complete by the end of Q3 2019. Primorsk will assist Ukraine in meeting its target of generating 11 percent of its electricity from renewable sources by 2020. It’s estimated that operation of the facility will reduce CO2 emissions into the atmosphere by 700 thousand tonnes per year.
Source : Strategic Research Institute