Business news from Ukraine


Gudzovka-Solar PV PP reduces carbon dioxide emissions by 30,000 tons per year.
UDP Renewables, whose strategic investor is the holding company UFuture, pursues its partnership with the world leading company in renewables — ACCIONA. As part of the cooperation, two stages of new solar plant “Gudzovka-Solar” are commissioned in the city of Izmail, Odessa region. Investments in the project amounted to about €21 mln.
“I am proud that we have the opportunity to implement joint projects together with ACCIONA. Our partner is reliable, efficient and has high standards of work. We are glad that we were able to reveal Ukraine’s investment attractiveness for an international strategist, as our cooperation is an inspiring example of system-building cooperation,” said Sergiy Yevtushenko, managing Partner of UDP Renewables.
Gudzovka-Solar-1 PV PP and Gudzovka-Solar-2 PV PP have a peak capacity of 24.4 MW totaled up and are equipped with more than 72,000 solar panels manufactured by JASolar. This amount of innovative equipment generates about 33,600 MWh of electricity per year and can meet the needs of 13,000 households.
“Despite the turbulent period in the industry and in the world as a whole, UFuture systematically implements its strategic plans and invests in Ukraine’s renewable energy. We faithfully fulfil all our obligations to the state and our partners. Today, the company is considering various scenarios for further development in this area. Successful cooperation with the world’s leading market players formulates the necessary expertise and reputation base to expand our activities, both in Ukraine and, possibly, in foreign markets,” said Nicholas Tymoshchuk, CEO of UFuture.
The EPC contractor of the project was a group of companies KNESS, the financial partner was Credit Agricole Bank.
UDP Renewables is an investment and development company in the Ukrainian renewable energy sector. With diversification in the type of renewable power generation and geography, by 2022 UDP Renewables strives to become one of the largest producers of clean energy in Ukraine, 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 the fields of real estate, infrastructure, industry, renewable energy, pharmaceuticals and IT. In particular, UFuture is a strategic investor in UDP Renewables. UFuture’s assets are valued at $500 million, and the total capitalization of the businesses in which it has invested is up to $1 billion.

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UDP Renewables (Kyiv) plans by the end of 2019 jointly with Spain’s Acciona Energia Global to build two solar power plants in Odesa region with a capacity of almost 44 MW.
According to a report of UDP Renewables on its Facebook page, the total investment in the projects reached EUR 30.6 million. Construction works will start this week.
New solar power plants Hudzovka-Solar (Izmail) and Artsyz-Solar (the area of Pavlivka rural council) will have the peak capacity of 26 MW and 17.7 MW and the projected capacity of 19.8 MW and 13.5 MW respectively.
As reported, UDP Renewables is part of the UFuture Investment Group with its head office in Brussels, which was established in the fall of 2017 and brought together business projects of Vasyl Khmelnytsky.
In June 2018, UDP Renewables announced an agreement with Acciona Energia Global on a joint project to expand the Dymerka solar power plant to 57.6 MW by introducing its second, third and fourth phases. The first phase of the station with a capacity of 6 MW was launched by UDP Renewables in September 2017. Currently, Acciona is the only participant in this project through Dymerka Solar Poland.

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