The European Bank for Reconstruction and Development (EBRD) has approved providing up to EUR 60 million and up to EUR 10 million in loans to British company Elementum Energy, a subsidiary of US-based VR Capital Group, for the construction of two wind power plants in southern and western Ukraine with a combined capacity of 258 MW. The total project cost amounts to EUR 401 million.
“EBRD financing will be part of a loan package of up to EUR 250 million, which will be provided jointly with IFC and other co-lenders. The funds from the loan package will be used to finance the construction and operation of two wind farms with capacities of 58 MW and 200 MW,” the bank said on its website.
The wind farms are expected to generate around 730 GWh of electricity annually and reduce CO2 emissions by approximately 469,000 tonnes per year.
To develop and operate the two wind farms, project companies have been registered in Ukraine: Dnistrovska Wind Power Plant LLC and Windpark West-R LLC.
The 58 MW wind power plant will be located in the southern part of Ukraine (Southern Wind Farm), while the 200 MW wind power plant, together with associated infrastructure including a 110 kV overhead transmission line connected to an existing 330/110/10 kV substation, will be located in western Ukraine (Western Wind Farm).
Elementum Energy is one of the largest international investors in renewable energy in Ukraine, operating a diversified portfolio of renewable energy assets with a total capacity of 636 MW, including 28 solar power plants with a combined capacity of 536 MW and one wind power plant with a capacity of 100 MW.
