Financed ProjectsRengy Bioenergy Solar PV Project

Identification Code:

OP/18/0024

Total Operation Cost:

51.828.583

Maturity:

120 months

Operation Status:

Description and Purpose of the Operation:

Countries of Operation:

Ukraine (100,00 %)

Financial Product:

Loans

Sector:

Utilities

Domain:

Private

Borrower/Client:

The Limited Liability Company Rengy Bioenergy is a Ukrainian entity incorporated under Ukrainian law. It is the sole owner of all project consents, rights and land leases required for the construction and operation of the Rengy Bioenergy Solar PV project parks.

Co-Financiers/Participants:

European Bank for Reconstruction and Development

Guarantors/Sponsors:

Sponsors: Scatec Solar ASA (Norway) - 51% project owner Listed on the Oslo stock exchange, Scatec Solar is an integrated independent solar power producer. It develops, builds, owns, operates and maintains solar power plants. The company is producing electricity from 584 MW of solar power plants and holds another 1041 MW under construction. With an established global presence, the company is growing with a significant project backlog and pipeline under development in the Americas, Africa, Asia and the Middle East. Scatec Solar is headquartered in Oslo, Norway. Rengy Development (Malta) is the 49% project owner. Operates mainly in Ukraine and is owned by Armenian national Narek Harutyunyan and British national Sergey Evlanchik. Under the brand name Rengy Development has already commissioned 10 solar parks in Ukraine with the total capacity of 68 MW. History of financing by the EBRD.

Developmental and Regional Cooperation Impact:

The Project will have economic benefits for the Ukrainian economy, creating jobs and the tax revenue gains.

Environmental Classification and Impact (summary):

Operation has been assigned Category B+ with limited risks and impacts, which can be readily identified and managed. The installation of the transmission line is greenfield but relatively short and it will connect to the existing substation. Moreover, it is expected not to involve any land acquisition, resettlement, economic displacement or issues relating to the risk of power line passing over or near to any buildings. Overall the specific local issues associated with the operation are not material and can be safely managed to meet the best performance standards, such as the EBRD’s Performance Requirements.

Operation Leader:

Energy & Infrastructure

E-mail:

ei@bstdb.org