Syvash secures €108 million funding
By Leila Steed24 April 2019
Energy company Total Eren and power developer NBT have secured €108 million of funding for phase two of the Syvash wind farm project from a consortium of development banks.
The project, which is currently under construction, is located on 1,300 hectares of land in the southern Kherson region of the Ukraine. With 63 wind turbines planned and a projected total investment cost of €380 million, once completed, Syvash will be the largest renewable energy site in the Ukraine and will produce enough electricity for 100,000 homes.
In a statement, Total Eren said the project was anticipated to reduce carbon dioxide emissions by 470,000 tonnes and that it would create a positive impact on the environment.
David Corchia, CEO of Total Eren, said, “We are delighted to complete the first international financial close ever achieved for a wind farm of that scale in Ukraine. I want to thank our partners NBT who initiated the project and Algihaz who just joined us on board, along with the numerous leading financial institutions which are supporting us once again on a major project: EBRD, GGF, FMO, NEFCO, Proparco, BSTDB, Finnfund, and IFU. Syvash is the result of this joint endeavour and I would like to acknowledge the efforts of all those who made this large-scale project come true for the benefit of Kherson’s people and the whole region.”
Conforming to EBRD Performance Standards and Equator Principles, the electricity generated from Syvash will be sold to state-owned company Energorynok – the Ukraine’s wholesale electricity market operator. The wind farm is expected to bring economic development and significant tax revenues to the Kherson region.