BSTDB Finances Syvash Wind Park in Ukraine
Press Release | 18-Apr-2019
The Black Sea Trade and Development Bank (BSTDB) is contributing EUR 30 million for the construction of the 250 MW Syvash Wind Park in the Kherson region of southern Ukraine. The BSTDB loan will be used for the second stage of the project with a generating capacity of 117 MW. The wind park is expected to begin power generation by the end of 2019. This is the largest wind power project financed by BSTDB to date.
The loan will be extended to SyvashEnergoProm LLC, a Ukrainian company established for the construction of the Syvash Wind Park by Total Eren of France, NBT of Norway and Al Gihaz of Saudi Arabia.
Financing for the Syvash Wind Park is being provided by a group of development financial institutions, including BSTDB, EBRD, FMO, Green for Growth Fund, NEFCO, PROPARCO, Finnfund and IFU.
“Green energy is vital for the economic development of the Black Sea region and we are happy to contribute to this project that is fostering clean energy and reduced emissions in Ukraine. As a multilateral development bank, BSTDB seeks to considerably increase its strategic role in supporting infrastructure investments with high development impact in many sectors, including creation of long-term employment and increased revenues for the state budget,” said Dmitry Pankin, BSTDB President.
Cumulatively, BSTDB has signed 40 operations in Ukraine with the total amount exceeding EUR 550 million in the key sectors of infrastructure, energy, transport, manufacturing, finance, and other areas.
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SyvashEnergoProm LLC, is a special purpose vehicle incorporated under the Ukrainian law and the sole owner of all project consents, rights and land leases required for the construction and operation of the Syvash Wind Park. It is co-owned by Total Eren, a leading French renewable energy independent power producer (www.total-eren.com), NBT, a Norvegian international wind farms developer and operator (www.nbtas.no), and Al Gihaz Holding, a multi-billion Saudi energy group (www.algihaz.com).
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.
Press contact:
Haroula Christodoulou
Phone: +30 2310 290533
E-mail: cchristodoulou@bstdb.org
Twitter: @BSTDB