The European Bank for Reconstruction and Development (EBRD) has arranged a financing package of EUR 5.7 million (USD 7.4 million) to support the building of a 4.5 MW solar photovoltaic (PV) plant in Ukraine.

Rengy Development Ltd. (Kiev, Ukraine) will develop the plant in the Vinnytsia region of Ukraine for Green Agro Service LLC. ERBD will provide funding through an eight-year, EUR 4.1 million (USD 5.3 million) loan, and a 15-year, EUR 1.6 million (USD 2.1 million) loan from the Clean Technology Fund (CTF), as the first PV project that EBRD has supported in the region.

"The Bank has already invested over EUR 1.3 billion in sustainable energy projects in Ukraine and it remains committed to the development of the renewable energy sector in this country," notes EBRD Country Director for Ukraine André Küüsvek.

"This first ever solar project financed by the EBRD should pave the way for more similar projects in Ukraine and elsewhere in the region."

Project supported through USELF facility

The project funding is part of the EBRD's Ukraine Sustainable Energy Lending Facility (USELF), a EUR 70 million (USD 90 million) investment facility to support local companies investing in renewable energy projects in the nation.

The CTF was established in 2008 to support middle-income nations with adoption of renewable energy efficiency technologies that have a high potential for minimizing long-term greenhouse gas emissions.

EBRD notes that it is the largest financial investor in Ukraine, and at the end of August 2012 has committed over EUR 8 billion (USD 10 billion) to 320 projects.

2012-10-11 | Courtesy: EBRD; image: Sven Teschke | solarserver.com © Heindl Server GmbH

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