Qatari-based global power investment company with assets around world
is investing in Ukrainian renewable energy sector
UDP Renewables, a UFuture’s portfolio company, opens Ukraine for an international power investment company based in Doha, Qatar — Nebras Power. The parties agreed on a strategic partnership and signed a number of contracts.
According to the agreements, Nebras Power assumes a controlling stake in six companies operating UDPR’s photovoltaic solar power plants, namely: “Scythia-Solar-1”, “Scythia-Solar-2”, “Free-Energy Genichesk”, “Port-Solar”, “Terslav” and “Sun Power Pervomaisk”.
“This SPA signifies a fruitful conclusion of the two-year negotiations on cooperation with Nebras Power — it’s a long-awaited victory and a great honour for us. We are happy to be opening opportunities in the Ukrainian market for a noted global power investment company and are proud to become its reliable partner. I am confident that together we will be able to make our planet cleaner and greener for future generations,” Sergiy Yevtushenko, Managing Partner of UDP Renewables, said.
Nebras Power is an active international player in the global power market. The company invests in the development of clean energy the world over and currently has assets based in the Middle East & North Africa, Asia, Australia, Latin America and Europe. These assets have been developed to meet the growing demands for power. Nebras Power is one of the first players from the Middle East to enter into a long-term strategic partnership with Ukraine.
“For Nebras, Ukraine represents not only a rich and dynamic new market but also symbolizes the success of our global growth strategy, which endeavours to identify and invest in robust power projects in both developed and emerging economies. By leveraging this approach, we can deliver clean and reliable power to communities, while endowing those countries, such as Ukraine, with the means to meet their clean and green energy targets,” said Khalid M Jolo, CEO of Nebras Power.
Nebras Power’s Chairman Mohammed Nasser Al-Hajri, echoed Mr. Jolo’s vision on the importance of the agreement and the company’s foray into Ukraine: “The partial acquisition of six solar projects in Ukraine will further add to and complement our expanding international portfolio mix. Furthermore, our partnership with UDPR communicates Nebras’s expertise and ability to invest in and furnish projects that will affect positive changes in those diverse international power markets where we invest. As we move forwards, we look ahead to a prosperous and long-lasting relationship with UDPR and Ukraine,” Mr. Al-Hajri said.
This cooperation between the two companies will contribute to the development of an innovative economy and the preservation of the environment. The next stage of the partnership envisages joint development of wind power generation projects by Nebras Power and UDP Renewables.
The collaboration will add to Nebras Power’s impressive portfolio of sustainable strategic investments in power, water and renewables globally. For UDPR, the partnership will expand the share of clean energy in Ukraine’s energy balance, improve the country’s global competitiveness, and help reduce its carbon footprint.
“By 2023 we will add more to Ukraine’s green energy capacity, thus improving both our country’s environment and its global economic competitiveness. Thanks to Nebras Power’s investments we will be producing more than 700 GW*h of clean electricity per year, enough to power 310,000 average houses,” Nicholas Tymoshchuk, CEO of UFuture said.
ADDITIONAL INFORMATION
UDP Renewables is an investment and development company in the field of renewable energy. By diversifying the resources and location of its facilities, UDP Renewables plans to become one of the largest producers of clean energy in Ukraine by 2022 with a total capacity of more than 300 MW.
UFuture is a holding company of Ukrainian entrepreneur Vasyl Khmelnytsky, which has a diversified portfolio of assets in real estate, infrastructure, industry, renewable energy, pharmaceuticals and IT. Currently, UFuture is a strategic investor in UDP Renewables. UFuture’s assets are estimated at $500 million, and the total capitalization of the businesses it invested in is up to $1 billion.
Nebras Power Investment Management B.V. (“NPIM”) is a wholly owned subsidiary of Nebras Power Q.P.S.C., incorporated in the Netherlands and is operating since 2016. NPIM is the international investment management platform of Nebras Power Q.P.S.C. Its mandate is to own, develop and invest, in greenfield developments and brownfield projects, in the sectors of power and water, in the Netherlands and internationally. www.nebras-power.com
President of Ukraine Volodymyr Zelensky has signed a decree on vaccination of the population against coronavirus, providing for the creation of a National Vaccination Plan against COVID-19, according to which the majority of the adult population of Ukraine should receive their vaccinations by the end of this year.
Corresponding document No. 139/2021 “On the decision of the National Security and Defense Council of Ukraine dated April 2, 2021” On the National Plan for Vaccine Preventive Treatment of Acute Respiratory Disease COVID-19 Caused by the SARS-CoV-2 Coronavirus, Until the End of 2021 “was announced on the President’s website on Sunday.
According to the decision of the NSDC, the Cabinet of Ministers of Ukraine within seven days must ensure the development and approval of the National Vaccination Plan against COVID-19, taking into account the best international experience, the press service of the head of state reported.
“In particular, the minimum required monthly number of vaccinations should be established, the sources and timing of the supply of vaccines for the prevention of coronavirus disease, the persons responsible for the implementation of the plan, the ultimate goal of which is to cover the majority of the adult population of Ukraine with vaccinations no later than December 2021 for the formation of herd immunity to the coronavirus,” the President’s Office reported.
They note that the government should intensify negotiations with manufacturers of vaccines against COVID-19, as well as attract international technical assistance for the implementation of the vaccination campaign in Ukraine.
“The Ministry of Health should take urgent and effective measures to supply to Ukraine as soon as possible the required amount of vaccines for the specific prevention of coronavirus disease and ensure public access to vaccination; ensure effective awareness-raising on vaccination,” the message says.
The President’s Office also emphasizes that the decision provides that the Ministry of Foreign Affairs should take urgent measures aimed at increasing the efficiency of cooperation with foreign states and international organizations on the supply of vaccines against COVID-19 to Ukraine.
The decree on the entry into force of the NSDC decision comes into force from the day of its publication.
As reported, Secretary of the National Security and Defense Council Oleksiy Danilov said that in the near future, President of Ukraine Volodymyr Zelensky will sign a decree on the vaccination of the population of Ukraine.
Ukraine and Qatar signed 13 important documents and two commercial contracts on Monday, April 5, Ukrainian President Volodymyr Zelensky said.
“Commend the signing of 13 important documents and 2 commercial contracts between Ukraine & Qatar. Our countries have and realize great potential for deepening cooperation. Grateful to Emir Tamim bin Hamad Al Thani and PM, Minister of Interior Khalid bin Khalifa Al Thani for hospitality,” Zelensky wrote on Twitter
Dozens of officers of regional departments of the State Customs Service of Ukraine have been suspended from work, Ukrainian President Volodymyr Zelensky said during a video statement, following a meeting of the National Security and Defense Council (NSDC) on Friday.
“Dozens of customs officials have been suspended from work. And we are also preparing legislative changes, which will result in the criminalization of inaccurate customs declaration,” the president said.
He said the reason for such a decision is the losses incurred by the Ukrainian budget due to the ineffective work of customs.
“According to experts, losses due to smuggling reach UAH 300 billion, which the state budget lost. More than 100 billion of them [were lost] due to the ineffective work of customs,” the head of state said.
He said that Ukraine will continue to actively fight against smuggling, as it is “economic terrorism.”
The Cabinet of Ministers of Ukraine has changed the date of resolution No.269 on expanding the list of goods prohibited for import into the customs territory of Ukraine, originating from Russia and excluded from it one item, namely, newsprint in rolls or sheets.
Resolution No.269, which had previously disappeared from the government’s website, was re-promulgated on it, but is now dated April 1, together with the original date of March 29.
The document continues to indicate that it will enter into force ten days after publication.
The latest audits of the statements of insurers for the second half of 2020 showed that 46 of them violate the standards, and 15 did not submit financial statements, while for a long time they had difficulties with complying with the mandatory standards, the deputy governor of the National Bank of Ukraine (NBU), Yaroslav Matuzka, wrote in the author’s column of the Ekonomichna Pravda edition, according to the website of the central bank.
“We have studied in detail the circumstances of these violations. They are not caused by the increased requirements of the regulator. Most of the violations are deliberate actions of the management of insurance companies related to the withdrawal of eligible assets,” he stressed.
Among the main reasons for the problematic state of the companies, Matuzka named excessive expenses that have no economic justification, the exchange of highly liquid assets – government bonds for the corporate rights of unknown LLCs, which clearly have no corresponding value and will not be sold after that for the same amount. In addition, he named the purchase of incomprehensible securities or the order of services not related to insurance activities, the conclusion of reinsurance contracts, in which the amount of possible payments is less than the amount of insurance premiums paid for such reinsurance.
Another reason for violations is the transfer of funds from insurance reserves as collateral for loans to shareholders, or even those who are clearly not related to the insurer at all. There are a lot of such examples, the banker says.
At the same time, he noted the presence of a separate category of insurers – seekers of quick money.
“Their business models are based on the MLM (multilevel marketing) principle – came, saw, conquered, disappeared. Insurance indemnities in such business models are usually paid from the insurance premiums of new contracts. So to speak, just-in-time,” he said.
In his opinion, this is happening because insurers pursue a rash policy of agency fees in order to enter the market and quickly take a niche, taking it from someone else. First of all, clients suffer from this, who after some time end up with nothing with their insured events, because when the volumes of the insurer fall and it can no longer bear such costs even just-in-time.
