Norway’s NBT and France’s Total Eren have finalized an agreement on the second phase of the project financing of construction of the 250 MW Syvash wind farm (Kherson region) in the amount of EUR 107.6 million, INTEGRITES law firm, which advised the companies, has said in a press release. According to the law firm, this financing agreement was signed with a syndicate of development banks including Black Sea Trade and Development Bank (EUR 30 million), Proparco (ca. EUR 42 million), Finnfund and IFU (EUR 15 million each), and the Nordic Environment Finance Corporation (NEFCO) (EUR 5 million).
All in all, the financing put into place for the whole project reaches EUR 262.6 million. The first phase of financing included a loan of up to EUR 155 million led by EBRD. EBRD’s loan consisted of EUR 75 million, Green for Growth Fund (GGF) and the Netherlands Development Finance Company (FMO) provided EUR 75 million, while a parallel loan of EUR 5 million was provided by the Nordic Environment Finance Corporation (NEFCO).
In addition, AlGihaz, a Saudi Arabian conglomerate, recently took a minority stake in the project alongside Total Eren.
INTEGRITES has advised NBT and Total Eren on all issues within Ukrainian law. In particular, INTEGRITES’ advise included negotiations with the abovementioned international banks, support on the local statutory requirements and communication of project related matters with the National Bank of Ukraine.
“We welcome the closing of the first large-scale project finance in renewable energy In Ukraine. Signing of the second segment with four new international financial institutions and one new co-shareholder on board speaks for the quality of the project and continuing high interest of foreign investors, making a great contribution to increasing of investment into Ukraine,” Managing Partner at INTEGRITES Oleksiy Feliv said.