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 the Vinnitsa region.
The three solar projects will be developed under the Ukraine Sustainable Energy Lending Facility (USELF) and will have a total production capacity of 33.9MW.
For the construction of three solar plants, EBRD will be providing a loan of up to €25.9m that includes a senior EBRD ten year loan of up to €18.5m, as well as a ten-year loan of up to €7.4m from the Clean Technology Fund (CTF).
During construction, the project is expected to create nearly 350 new employment opportunities and approximately 15 during operations.
Upon completion, the project is expected to reduce carbon emissions, projected at around 37,500t a year.
Ukraine’s latest project is said to be the 13th project that has been financed under USELF.
By providing new funds for the development of alternative power generation, EBRD intends to further strengthen Ukraine’s energy sector.
As one of the major international financial investors in Ukraine, EBRD is reported to have 400 projects in the country since it started operations in the country in 1993.