EBRD announces financing of wind farm in Ukraine

The European Bank for Reconstruction and Development (EBRD) is mobilising resources to support the development and operation of a new wind farm located near the town of Staryi Sambir in the Lviv region of western Ukraine. 

The Karpatsky wind farm, with an installed capacity of 20.7MW, will operate six wind turbines and will improve energy supply in the region.

The financing package of €23.1 million (US$25.5 million) arranged by the Bank consists of €8.6 million (US$9.5 million) from the EBRD, €4 million (US$4.4 million) from the Climate Investment Funds’ Clean Technology Fund (CTF), a senior loan of €5.5 million (US$6 million) from the Investment Fund for Developing Countries (IFU) and a senior loan of €5 million (US$5.5 million) from the Nordic Environment Finance Corporation (NEFCO).

The project is supported through the Bank’s Ukraine Sustainable Energy Lending Facility (USELF) designed to provide finance to private local enterprises wishing to invest in small renewable energy projects in Ukraine. Implementation of USELF is supported by technical cooperation funds provided by the Global Environment Facility (GEF), Sweden and Japan.

Sevki Acuner, EBRD Director for Ukraine, said:

“This is a very important project for the region and for the country. It shows how big the renewable energy potential is in Ukraine. It also paves the way for similar private investments across the country.”