GE Energy Financial Services, a unit of GE, has facilitated the raising of €90MM in project financing for stage I (100-megawatt) of DTEK Renewables B.V. Primorskaya wind electricity plant (Primorskaya WEP), located on the Sea of Azov shore in Zaporizhia region, South Ukraine.
The loan was issued by a consortium of German banks (Bayerische Landesbank, KfW IPEX-Bank, Bremer Kreditbank and others) with risk coverage provided by German export credit agency (ECA) Euler Hermes. The loan term is 10 years after the technical commissioning of the plant.
The 200 MW Primorskaya wind park is being developed in two 100 MW phases. The first phase consists of 26 units of 3-MW wind turbines, generating over 650 million kWh of electricity per year. Once fully operational by end of 2019, the scheme, is expected to generate enough electrical energy to power the equivalent of ~350,000 homes in Ukraine. The financing will support subsequent phases of the project and assist Ukraine in meeting its target of generating 11 percent of its electricity from renewable sources by 2020.
GE also signed a 20-year Full Service Agreement for the operation and maintenance of the turbines. Additionally, GE Grid Solutions has signed a €4MM contract for the supply of equipment related to the connection of the wind farm to the national grid. Key turbine components will be made in Germany and the nacelle will be built at GE facility in Salzbergen, Germany.
