GE Energy Financial Services, a unit of GE, has facilitated the raising of EUR 90 million in project financing for stage one (100 MW) of a wind farm in Ukraine.
DTEK Renewables’ project, Primorskaya WEP, is located on the Sea of Azov shore in Ukraine’s Zaporizhia region.
Germany-based bank Bayerische Landesbank led a German banking consortium that included KfW IPEX-Bank and Bremer Kreditbank to provide senior debt for the project. The deal is supported by German export credit agency Euler Hermes, which provided an export credit guarantee for the transaction.
This project was awarded to GE Renewable Energy’s onshore wind business, which has committed to provide 26 of its 3.8-130-110HH wind turbines and arrange for the installation and commissioning.
Stage one of Primorskaya WEP is part of a two-phase process to build the 200 MW project. Once fully operational by end of 2019, the wind farm is expected to generate enough energy to power the equivalent of approximately 350,000 homes in Ukraine. The financing will support subsequent phases of the project and assist Ukraine in meeting its target of generating 11% of its electricity from renewable sources by 2020, notes GE.
GE has also signed a 20-year agreement for the operations and maintenance of the turbines. Additionally, GE Grid Solutions has signed a EUR 4 million contract for the supply of equipment related to the connection of the wind farm to the national grid. Key turbine components will be made in Germany.
