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21.11.2013

WIND PARK “NOVOAZOVSKIY” IS THE FIRST EVER WIND ENERGY PROJECT IN THE COMMONWEALTH OF INDEPENDENT STATES FUNDED BY EBRD

Wind Park “Novoazovskiy” LLC, Donetsk region, which is a part of the group “Wind Parks of Ukraine”, has received an EBRD loan of 33,3 million and a parallel loan from the Clean Technologies Fund (CTF) of € 15.5 million. The full amount has been already credited to the company’s account. The loan is granted for 20 years.

Wind Park “Novoazovskiy” of 57.5 MW is comprised of 23 wind turbines FL2500 with unit capacity of 2.5 MW, manufactured by the German company Fuhrlaender AG. It is the first ever wind energy project in the wind energy sector of the Commonwealth of Independent States (CIS) funded by the EBRD.

The agreement between the bank and the company was signed still in December 2011, but it took two years of painstaking work for the company’s team headed by their shareholders to receive funds from the EBRD.

Vladislav Ieremenko, General Director of the Management Company “Wind Parks of Ukraine” noted that despite all difficulties the team has managed to find a model allowing the company as a borrower to protect its possible risks and at the same time to meet all the EBRD’s requirements. «Loan from the European Bank for Reconstruction and Development is the result of a hard work of our dedicated team and the proof of the company’s business transparency. It is an indication that Wind Park “Novoazovskiy” is a bankable project that complies with the strictest international standards», stressed Mr. Ieremenko.

“The EBRD confidence in the project implemented by the Management Company “Wind Parks of Ukraine” is a vivid example of the bank’s policy aimed at supporting the renewable energy sectors in the CIS countries”, comments Andrey Konechenkov, Chairman of the Ukrainian Wind Energy Association (UWEA). “At the same time the EBRD stringent eligibility criteria allow lending funds to the projects not only profitable ones but which are in line with international environmental and social standards. It’s one of the EBRD main requirements”.

Wind Park “Novoazovskiy” constructed near the coast of the Azov Sea, has become a model one since all requirements by ornithologists, botanists, zoologists were considered in order to minimize the possible impact of the wind farm on the environment.

The EBRD’s loan confirms the fact that Ukrainian wind energy industry which is currently being developed by private investments has a great potential and inspires confidence and trust in the major international institutions.

Management Company «Wind parks of Ukraine», LLC - is the largest wind power holding in the Ukrainian wind energy sector.

The company activities cover the entire wind supply chain including wind farms development, construction and operation as well as wind turbine manufacture and O & M service and electricity generation and supply. As of November 1, 2013 MC “Wind Parks of Ukraine” owns and operates Wind Park Novoazovskiy – 57,5 MW, Novoasovskaya Wind Farm – 30,53 MW Wind Park Ochakovskiy – 37,5 MW, Wind Park Krasnodonskiy– 25 MW and Wind Park Kerchenskiy – 25 MW. 

The company’s project portfolio includes 1497 MW by 2020.