Business news from Ukraine

Ireland’s Altostrata seeks to invest EUR 225 million in construction of a solar power plant in Dnipropetrovsk region.
“To attract investments and provide comfortable conditions for business is the task set by President Petro Poroshenko. Alternative energy projects have “green light.” Irish investors decided to invest in the construction of a solar power plant,” Head of the Dnipropetrovsk Regional State Administration Valentyn Reznichenko said during the signing of a memorandum between the Regional Administration and Altostrata on Thursday.
The construction of a 250 MW power plant is planned for an area of 500 hectares near the village of Levadky in Pavlohrad district. The plant could be launched in two years. It is planned that the plant will transmit electricity to more than 40,000 homes and enterprises, which is comparable to electricity consumption by Pavlohrad.
“We have a great interest in cooperation with Ukraine. We are starting a partnership in Dnipropetrovsk region. We have found support in the Investment and Innovation Center at the Dnipropetrovsk Regional Administration. An effective system has been created that stimulates investment,” Altostrata Director Torsten Merkel said, adding that the investor promises to create almost 450 new jobs.
Deputy Head of the Dnipropetrovsk Regional Administration Oleh Kuzhman said that recently several investment projects in the sphere of alternative energy have been implemented in the region. In particular, solar power plants are already operating in Pidhorodne and Nikopol. The Irish company Altostrata is engaged in Clean Technology.

The European Commission (EC) has approved a new program of macro-financial assistance to Ukraine, Ukrainian Finance Minister Oleksandr Danyliuk has said.
“I welcome the decision by the European Commission to approve a new program of macro-financial assistance to Ukraine. This is an important step for supporting reform in the country and ensuring financial stability,” he wrote on his Facebook page on Wednesday, February 28.
A source familiar with Ukraine’s negotiations with the EU told the Interfax-Ukraine news agency that the volume of the new program was EUR 1 billion.
As reported, Ukrainian President Petro Poroshenko said in November 2017 that agreement had been reached on a new program of macro-financial assistance from the EU to Ukraine for 2018-2019.
Earlier, the Finance Ministry estimated the volume of the new program at EUR 1.8 billion. This corresponds to the volume of macro-financial assistance of the EU approved in 2015, which expired in January 2018.
As part of the old program, Ukraine received two tranches for a total of EUR 1.2 billion out of the planned EUR 1.8 billion. The EC refused to grant a third tranche, as the country’s authorities fulfilled only 17 of 21 preliminary conditions.

The Parliament of Ukraine has passed presidential bill No. 7440 on the High Anti-Corruption Court in first reading. The corresponding decision was supported by 282 lawmakers at the plenary session on Thursday.

Investment of Cygnet agricultural company in the upgrade of its agricultural machinery fleet in 2017 totaled UAH 78.9 million.
According to information on the company’s website, in 2017, the share of corn planted on the areas cultivated by the company was 62%, that for soybeans – 20%, sugar beets – 16% and industrial crops – 2%.
The company last year harvested 122,700 tonnes of corn (the yield was 8.26 tonner per ha), 9,300 tonens of soybeans (2.4 tonnes per ha) and 210,000 tonnes of sugar beets (54 tonners per ha).
Cygnet increased milk production by 5.7% in 2017, to 5.3 tonnes.
Last year the company paid UAH 169.2 million of taxes.
As reported, Cygnet in 2017 invested $2.7 million in the modernization of a sugar factory in Zhytomyr region.
The company cultivates 25,000 hectares in Zhytomyr and Vinnytsia regions, where it grows corn, soybeans, wheat, and sugar beets.
Cygnet also has a dairy business line (about 700 cows), its products are sold to local processors, and the elevator capacity is 60,000 tonnes.