GE Energy Finance Services announced this week that it will facilitate €90 million in financing and supply the wind turbines for a 100 megawatt (MW) wind farm in Ukraine.
The deal will see GE Energy Finance Services, a unit of American multinational General Electric (GE), facilitate the raising of €90 million in project financing for the first stage of the Primorskaya wind project being developed by Ukrainian renewable energy developer DTEK Renewables. The project, set to be located on the shore of the Sea of Azov in the Zaporizhia region of South Ukraine, is expected to generate electricity equivalent to the needs of approximately 350,000 Ukrainian homes.
In addition to facilitating the project financing, GE’s Renewable Energy onshore wind business was awarded the contract to supply 25 of its 3.8-130-11HH wind turbines to the project as well as provide installation and commissioning.
“We’re seeing increased demand for renewables projects in emerging markets as part of their clean energy ambition,” said Guto Davies, Managing Director – Global ECA Advisory and Execution Leader, GE Energy Financial Services. “Primorskaya WEP highlights GE’s capability in deploying its financial and technological expertise to renewable projects across the emerging markets.”
“This is an important milestone for GE as we work toward Ukraine’s renewable energy goals,” added Peter Wells, Onshore Europe/SSA Leader, GE Renewable Energy. “GE Renewable Energy is excited to work with DTEK and supply some of GE’s most innovative wind turbines to the Primorskaya WEP project, enabling affordable, reliable and clean energy to the residents and businesses of the Zaporizhia region.”
The project has already been the beneficiary of senior debt financing led by Bayerische Landesbank and which included a German banking consortium which included KfW IPEX-Bank and Bremer Kreditbank.
The 100 MW project is the first phase of a two-phase process which will see a total of 200 MW built.
“DTEK Renewables has proven its major role as a long-standing respected partner in Ukraine for leading international financial institutions and industrial corporations for the supply of the necessary equipment,” said Philipp Leckebusch, CEO of DTEK Renewables. “With our investments in advanced and innovative solutions, we will continue to contribute to the transformation of the Ukrainian energy sector and the sustainable development of the country.”