GE facilitates financial closing for the second phase of 200 MW Primorskaya wind project in Ukraine

GE Capital’s Global Capital Advisory (GCA) business, a unit of GE, has facilitated a EUR90 million (US$105 million) financial close for the construction of phase II of DTEK Renewables B.V. 200 megawatt (MW) wind farm project, Primorskaya Wind Electric Plant (Primorsk) located in the southern region of Zaporizhia, Ukraine.

A banking consortium led by Bayerische Landesbank and comprising two further German banks (KfW IPEX-Bank and ODDO BHF Aktiengesellschaft) will provide senior debt for an amount of EUR90 million (US$105 million) to the project. The deal is supported by German export credit agency (ECA), Euler Hermes, which is acting on behalf and for account of the Federal Republic of Germany and will provide an export credit insurance for the senior debt alongside the Spanish ECA, CESCE, which will provide reinsurance to Euler Hermes for approximately one-third of the financing.

Phase II of Primorsk is part of DTEK’s two-phase process to build a 200 MW wind farm in Ukraine. Phase I, also with a capacity of 100 MW, has already started operation in the same region of Zaporizhia. To-date, 26 wind turbines for phase I have been commissioned and are already generating electricity. Upon completion of all the works (phase I and II), output of the Primorsk will be 200 MW of clean energy supplied to the country’s power grid. In total, Primorsk will be equipped with 52 GE 3.8-130/137-110HH wind turbines and is expected to generate enough electrical energy to power the equivalent of ~350,000 homes in Ukraine.

Commercial operations of phase II are expected to complete by the end of Q3 2019. Primorsk will assist Ukraine in meeting its target of generating 11 percent of its electricity from renewable sources by 2020. It’s estimated that operation of the facility will reduce CO2 emissions into the atmosphere by 700 thousand tonnes per year.