2019-08-18
http://w3.windfair.net/wind-energy/pr/32181-ge-renewable-energy-ukraine-financing-wind-farm-onshore-turbine-manufacturer-zaporizhia-longwing

News Release from GE Renewable Energy

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GE and LongWing Unlock Financing and Technology for First Phase of Zaporizhia Onshore Wind Farm in Ukraine

GE Capital’s Energy Financial Services connects financing to GE’s fourth wind farm project in Ukraine / Sponsor, LongWing Energy, and co-investor, VLC Renewables, secure project financing for the first 98 MWs of its Zaporizhia wind farm project in Ukraine

Image: GE Renewable EnergyImage: GE Renewable Energy

GE and LongWing Energy S.C.A. (“LongWing”) reached financial close on a $150MM debt financing package for the first phase of the Zaporizhia Wind Farm, in the Zaporizhia region in southeast Ukraine. The phase one 98-megawatt (“MW”) project is expected to produce over 330,000 MW hours of clean energy per year and power approximately 170,000 households.

The transaction marks GE’s fourth wind farm project in Ukraine to be financed and equipped with GE wind turbine technology. Financing will enable the build-out of phase one, which will comprise 27 GE Renewable Energy 3.6 MW onshore wind turbines with a rotor diameter of 137 meter, a hub height of 110 meters, and a 15-year Full-Service Agreement (“FSA”).

GE Energy Financial Services (“GE EFS”), as a minority equity investor, worked with the Overseas Private Investment Corporation (“OPIC”), the U.S. Government's development finance institution, to unlock project financing for the first phase of the Zaporizhia Wind Farm.  The debt financing will be provided by OPIC, with JP Morgan as hedge provider. 

Gaurav Raniwala, GE Energy Financial Services’ Global Renewable Energy Leader, said “The Zaporizhia Wind Farm demonstrates GE’s unique ability to unlock investments and deliver bespoke financing and technology solutions that drive sustainable economic growth in key renewable energy markets. By connecting OPIC financing and GE’s leading technology to the project, GE and LongWing will enable construction and pave the way for clean energy production in Ukraine.”

“OPIC is proud to support this project, which will advance energy independence and security in Ukraine,” OPIC Acting President and CEO David Bohigian,said. “The plant will help Ukraine meet its energy demands and reduce reliance on imported sources, powering homes and businesses across the country.”

Peter Wells, GE Renewable Energy’s CEO for Europe and Sub Saharan Africa, said: “We are extremely proud to be supporting Ukraine’s drive towards renewable energy by providing our innovative onshore wind technology to the Zaporizhia Wind Farm. We thank Ukrainian investment offices, UkraineInvest and Office of the National Investment Council, for their commitment to clean energy from the earliest stages of the project. Our teams and our products are well suited to continue this momentum, powering the country with sustainable economic value from reliable green electrons.”

The project is projected to achieve commercial operations in 2020 and contribute to Ukraine’s 2030 Paris Agreement goals by reducing its reliance on gas imports. The electricity produced by the Zaporizhia Wind Farm will be sold via a power purchase agreement (PPA) to state-owned Ukrainian enterprise, Energorynok, which will benefit from a 10-year fixed rate feed-in tariff. Upon full completion of up to a total of 500 MW, the project is expected to be the largest wind farm in the Ukraine to be financed on an international non-recourse project financing basis and will be one of the top five largest operating onshore wind farms in Europe powering approximately 780,000 homes in Ukraine.

Source:
GE Renewable Energy
Author:
Press Office
Link:
www.genewsroom.com/...
Keywords:
GE Renewable Energy, Ukraine, financing, wind farm, onshore, turbine, manufacturer, Zaporizhia, LongWing



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