EBRD Invests in Ukraine’s Solar Energy for First Time

The European Bank for Reconstruction and Development arranged a 5.7 million-euro ($7.39) financial package for a solar energy plant in central Ukraine, its first solar project in the country.

The London-based EBRD will provide a 4.1 million-euro eight-year loan for a 4.5 megawatt solar plant in Vinnytsya region to Rengy Development, a group of companies specializing in renewable energy projects in eastern Europe, the London-based EBRD said in a handout to reporters today in Kiev. Remaining 1.6 million-euro 16-year loan is to be provided by the Clean Technology Fund, according to the statement.

The EBRD “remains committed to the development of the renewable energy sector in Ukraine,” said Andre Kuusvek in the statement. The bank has already invested 1.3 billion euros in sustainable energy projects in Ukraine, he said.

The total cost of the solar energy project in Vinnytsya is 10 million euros, Narek Harutyunyan, director of the Rengy Development, told reporters today in Kiev.

To contact the reporter on this story: Kateryna Choursina in Kiev at kchoursina@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net