Norwegian wind power developer (NBT) has signed two engineering, procurement and construction (EPC) contracts with China Electric Power Equipment and Technology (CET), a subsidiary of State Grid Corporation of China, to build two wind farms with a total capacity of 750 MW in Ukraine.
The 300 MW Zophia II wind farm and the 450 MW Zophia III wind farm is located in the Zaporizhia region of Ukraine. Once the two wind farms are completed, it is expected to generate 2,900 GWh per year and generate enough electricity to power the needs of approximately 340,000 households.
The total investment for the Zophia wind farms will exceed EUR1 billion (US$1.1 billion) which is equal to approximately 1% of the gross domestic product of Ukraine.
NBT, CET, Industrial Commercial Bank of China (ICBC), the Export-Import Bank of China (Exim Bank of China) and China Construction Bank (CCB) also signed the Preliminary Financing Arrangement Agreement to finance Zophia II and Zophia III wind farm. NBT and CET also signed a Strategic Cooperation Agreement to cooperate on a global basis on future renewable energy projects.
With the support of ICBC, Exim Bank of China and CCB for EUR500 million (US$558.37 million) of senior debt, NBT has a plan to engage additional international banks for another EUR250 million (US$279.19 million) of project financing for Zophia.
