The European Bank for Reconstruction and Development (EBRD) has agreed to provide a loan to Ukraine-based Kness Group for the construction of three solar plants in Vinnytsya region, UNIAN reports.
The three solar projects will be developed under the Ukraine Sustainable Energy Lending (USELF) and will have a total production capacity of 33.9 MW, according to power-technology.com.
For the construction of three solar plants, EBRD is going to provide a loan of up to $27.5 million that includes a senior EBRD ten-year loan of up to $20 million and a ten-year loan of up to $8.4 million from the Clean Technology Fund (CTF). During the contraction period, the project is expected to create some 350 new jobs and 15 more during operations.
The solar project will also be supported with technical assistance from the EU4Business program. Once completed, the project is expected to cut carbon emissions by about 37,500 tons annually. Ukraine’s latest project is allegedly the 13th project financed under the USELF.
By providing financing for the development of alternative power generation, EBRD aims to contribute to strengthening Ukraine’s energy sector. As one of the major international financial investors in Ukraine, EBRD is reported to have 400 projects in the nation since it began operating in Ukraine in 1993.