EBRD finances its first solar power project in Ukraine

The EBRD has arranged financing package of EUR 5.7 million for the development, construction and operation of 4.5 MW solar power plant in Vinnytsia region owned by Green Agro Service LLC being part of renewable developer Rengy Development. Financing will consist of 8-year EBRD loan of EUR 4.1 million and 15-year loan of EUR 1.6 million from the Clean Technology Fund.

This is the first solar project ever financed by the EBRD and the second renewable project that was financed in the framework of Ukraine Sustainable Energy Lending Facility (USELF) – investment facility of EUR 70 million established by the EBRD and the CTF.

Respective loan agreement was signed today in Kiev office of the EBRD. Overall value of the project is EUR 9.5 million.

Martifer Solar acted as EPC contractor. Construction of power plant shall be completed by the end of 2012.

Official EBRD press release can be viewed here: http://www.ebrd.com/pages/news/press/2012/121008.shtml