Kernel, one of the largest Ukrainian agricultural groups, will channel $170 million in the implementation of alternative energy projects.
The agricultural group said on its Facebook page on Friday that a green energy turbine with a capacity of 7.5 MW operates to its full capacity at the oil crushing plant in Kropyvnytsky.
“Six more Kernel’s plants operate in the same format until 2021 and generating a total of 90 MW. In particular, Starokostianstyniv oil crushing plant, which is being constructed in Khmelnytsky region, will become the largest modern oil crushing plant in Ukraine,” Kernel said.
According to the group, Starokostianstyniv oil crushing plant will have a turbine with a capacity of up to 20 MW.
One of the largest Ukrainian agricultural groups Kernel has acquired 100% of shares in Rail Transit Kargo Ukraine (RTK-Ukraine) for $64 million, the company has reported on the Warsaw Stock Exchange (WSE).
According to the report, RTK-Ukraine is the owner of 2,949 grain railcars accounting for nearly 15% of the market and making it the second largest grain hopper wagon fleet operator in the country after the state monopoly Ukrzaliznytsia.
“The acquisition shall not only contribute an estimated incremental EBITDA of up to $20 million annually and protect the company against ever rising logistic costs, but it shall also procure the smooth and efficient flow of grains from inland silos to the ports as company’s export volumes increase following the commissioning of TransGrainTerminal in the port of Chornomorsk,” the company said.
Adjusted for working capital and net debt, the company paid $49 million in cash at completion while the remaining balance shall be released upon the achievement of certain conditions.
