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The European Bank for Reconstruction and Development (EBRD) has decided to provide debt financing of up to €60 million ($69.1 million) for projects to build new wind power plants with a total capacity of 258 MW. The lead developer of these initiatives is the Ukrainian renewable energy company Elementum Energy Ltd.
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The senior loan provided is part of a larger credit facility of up to €250 million, formed jointly with the IFC and other financial partners. In addition, the CTF will provide a concessional loan of up to €10 million. The direct recipients of the funds under this transaction are the following subsidiaries of Elementum Energy Ltd – Dnistrovska Vitroelektrostantsiia LLC and Windpark West-R LLC.
The funds raised will be used for the construction and subsequent operation of two wind power facilities with capacities of 58 MW and 200 MW. The total capital investment in these projects amounts to €401 million. The new power generation facilities are intended to significantly reduce the electricity shortage caused by regular missile strikes on Ukrainian infrastructure, as well as accelerate the country’s decarbonization.
Once commissioned, both wind farms will generate approximately 730 GWh of green electricity annually. This will reduce carbon dioxide emissions by an estimated 469,000 metric tons per year. Elementum Energy Ltd, founded in 2019 by VR Global Partners LP, currently manages 636 MW of renewable capacity, including 28 solar power plants totaling 536 MW and wind farms totaling 100 MW.
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