The French independent renewable power producer (IPP) Total Eren and the Norwegian wind park developer NBT have signed financing agreements for the initial 133 MW phase of the 250 MW Syvash wind power project in the Kherson region of Ukraine. The agreements entail loans worth €155m (US$176m), which will cover the first phase of the project and will be allocated to the special purpose company Syvash Energoprom.
The funds will be provided in particular by the European Bank for Reconstruction and Development (EBRD), which will allocate €75m, while the Green for Growth Fund (GGF) and the Netherlands Development Finance Company (FMO) will jointly lend €75m. The Nordic Environment Finance Corporation (NEFCO) will extend an additional €5m.
Syvash is the first internationally financed large-scale wind park in the country, representing a total estimated investment of €380m. The construction of the first phase will start shortly and the commissioning is scheduled for the end of 2019. The produced electricity will be sold to Ukrainian state-run company Energorynok. The construction will be ensured by Nordex and Powerchina, which will provide engineering, procurement and construction (EPC) services. The 64 wind turbines will be supplied by Nordex as well.