EBRD finances the first wind project in Ukraine

The European Bank for Reconstruction and Development has provided financing for its first renewable energy  generation project in Ukraine. EBRD has organized EUR 13.3 million financing package for Eco-Optima, a Ukrainian-Italian joint venture company, which will operate a wind farm in Staryy Sambir (Lviv region). The loan will consist of two parallel tranches: a 10-year EBRD loan of EUR 9.5 million and a 15-year loan of  EUR 3.8 million from the Clean Technology Fund (CTF).

The loan proceeds will be used to construct and operate a wind farm with a total capacity of 12.5 MW (5 turbines of 2.5 MW capacity produced by German company Fuhrlander) that is expected to generate at least 25.5 GWh on annual basis. The wind farm should be commissioned before the end 2012.

Eco-Optima’s equity contribution amounted to EUR 7.2 million.

This is the first project to receive funding under the EBRD’s Ukraine Sustainable Energy Lending Facility (USELF), an investment facility of  EUR 70 million (EUR 50 million from EBRD and EUR 20 million from the CTF) designed to provide financing to private developers implementing renewable energy projects in Ukraine.

Official press release of EBRD can be accessed here.