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The European Bank for Reconstruction and Development (EBRD) is considering a loan of up to $45 million (€39 million) to Kernel Group, a Ukrainian grain producer and exporter. The funds are to be used to build a 106 MW solar power plant and a battery energy storage system (BESS) in Ukraine.
The planned senior secured loan from the EBRD is likely to be complemented by parallel financing of up to $10 million. In addition, the project may receive partial first loss risk coverage from the EU through the Ukrainian Investment Fund (UIF).
The investment will be used to build a solar power plant in southern Ukraine and install an energy storage system. The plant will be located in open steppe areas with meadow vegetation and sparse bushes. The total cost of the project is estimated at $86 million.
The initiative is currently under development, and the national environmental impact assessment (EIA) procedure has not yet begun. The project also includes the installation of a transmission line and connection to an existing 330 kV substation. The line connecting the plant to the grid will operate at 110 kV and will be about 3 km long. The project will be implemented by an EPC contractor, which has not yet been identified and contracted.
The EBRD plans to make a decision on financing by April 9. Kernel Group is a vertically integrated agricultural company engaged in oilseeds processing, grain trading, crop production, cargo transshipment, and silo storage services.
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