EBRD, BSTDB to Finance 57.6 MW Solar Plant in Ukraine

Now, the country is mulling to increase the share of renewables in its energy mix mainly on account of a new solar plant located in the Mykolaiv region.

International lenders, the European Bank for Reconstruction and Development (EBRD) and the Black Sea Trade and Development Bank (BSTDB) will be financing the 57.6 MW new solar plant in Ukraine.

Now, the country is mulling to increase the share of renewables in its energy mix mainly on account of a new solar plant located in the Mykolaiv region.

Further, the 57.6 MW plant will be the EBRD’s and the BSTDB’s largest solar project in the country to date.

Post completion, the new plant is expected to generate at least 65,000 MWh of renewable energy per year and will help in reducing annual CO2 emissions by approximately 40,000 tonnes.

Moreover, both the lenders are financing the construction of the solar plant with parallel loans of €19.1 million each. The loan will be provided by both EBRD and BSTDB to a specially created project company Ingulets Energo  – 2 LLC.

Additionally, the investment is implemented under the EBRD’s €250 million Ukraine Sustainable Energy Lending Facility III (USELF III) framework.

Significantly, EBRD is the largest international financial investor in Ukraine. Since the start of its operations in the country in 1993, the lender has made a cumulative commitment of almost €13.1 billion across some 418 projects in Ukraine.

In 2018, EBRD has devoted 36 per cent of its total investments to the green economy.

The bank earlier said in a statement that, it is well on the way to meeting a target of dedicating 40 per cent share of investments to the green economy by 2020.

It underscored its green credentials with the launch of a new energy strategy that pledges to scale up investment in renewables, completely rule out financing for coal and restrict financing in upstream oil to exceptional projects, which reduce harmful greenhouse gases.

The EBRD also quadrupled the size of its Green Cities programme in support of environmentally friendly municipal investments to almost EUR 1 billion.