INTEGRITES acts as legal counsel to Scatec Solar for construction and financing of EUR 209 mln 6 PV plants in Ukraine

INTEGRITES has acted as a legal counsel to Scatec Solar (Norway) on all aspects of the financing and construction of 6 PV plants in Ukraine with  total investment of EUR 209 mln.

Among them:

55 MW solar PV plant in Ratseve village of the Cherkasy Region in central Ukraine with  total investment of EUR 54 million. The project will be financed by the European Bank for Reconstruction and Development, The Nordic Environment Finance Corporation and Swedfund. The credit facilities amount to EUR 37 million. The construction has started with expected commercial operation in first half 2020. The project will be realized under Ukraine’s 10-year Feed-in-Tariff scheme and is expected to deliver about 65 GWh per year. The PV plant will be producing clean energy for up to 28,000 households and contribute to avoid more than 36,000 tons of carbon emissions per annum.

30 MW solar PV plant in Cherkasy region in central Ukraine with total investment of EUR 35 million. The European Bank for Reconstruction and Development (EBRD) and FMO, the Dutch development bank, have signed credit agreements for the non-recourse debt financing of the project. The credit facilities amount to EUR 24.5 million. The construction has started in May 2019 with commercial operation in fourth quarter 2019. The project will be realized under the country’s 10-year Feed-in-Tariff scheme and is expected to produce about 39 GWh per year. Public land will be leased for a long period of time and the solar power plant is expected to deliver power also beyond the Feed-in-tariff period.

148 MW three PV plants located in Progressovka, Ukraine. Total project costs for all PV plants are estimated at approximately EUR 120 million. The project will be implemented in collaboration with PowerChina Guizhou Engineering Co. Ltd. that will provide financing for the construction and Engineering Procurement and Construction (EPC) services, while Scatec Solar will be the equity investor and will provide EPC management, Operation & Maintenance as well as Asset Management services. The project will be realized under Ukraine’s 10-year Feed-in-Tariff scheme and the solar power plant is expected to deliver power also beyond the Feed-in-tariff period. Commercial Operations of the plant are expected in the first half of 2020.

Igor Krasovskiy, Partner and project lead at INTEGRITES: “We are delighted to have advised Scatec Solar on the chain of solar projects in Ukraine. We believe they will help ensure national energy security goals and support sustainable development of the country. These deals are also another proof of foreign investors and debt providers’ growing appetite for Ukraine’s renewable energy that will increase even more with the transition to auction system. Our team is ready to meet the rising demand for legal counsel in the field due to our sufficient capacity and experience”.

The firm’s team advising on the transactions included partner Igor Krasovskiy, counsel Gennadii Roschepii, senior associates Olena Savchuk and Yuriy Korchev, associates Alina Trofimova and Viktoriia-Anna Oliinyk.

Trinity LLP acted as English counsel to Scatec Solar on all aspects of non-recourse financing.