Norwegian company NBT has today signed a financial agreement with Total Eren for the first phase of a 250MW wind project in the Kherson region of Ukraine. The agreement is worth €155 million and was signed at a meeting of Ukraine’s National Investment Council in Davos.

The deal relates to the Syvash wind farm, an onshore wind project which is being developed by the two companies. The Syvash project consists of 64 wind turbines and will be Ukraine’s largest renewable energy project, producing 850GWh a year, enough electricity for 100,000 homes, reducing CO2 emissions by 470,000 tonnes a year.

Total investment in the Syvash project is €380 million and the €155 million funding will fund the initial phase. It consists of a €75 million European Bank for Reconstruction and Development (EBRD) loan, €75 million jointly from the Green for Growth Fund (GGF) and Netherlands Development Finance Company (FMO) and a further €5 million from the Nordic Environment Finance Corporation (NEFCO).

Total CEO Eren David Corchia said: “This signature marks an important milestone for Total Eren in extending its development efforts in Eastern Europe with a project on this scale. We are proud to have mobilised, together with our partner NBT, this trusted lender group led by EBRD and look forward to starting construction and finalising the second phase of the project. We see tremendous potential for further development for Total Eren in Ukraine.”

NBT CEO Joar Viken added: “We are extremely happy that we can invest along with our strategic partner Total Eren in utility-scale wind farms that will power the sustainable future growth of Ukraine. The 250MW Syvash wind farm is just the start of our plans to invest a considerable amount of capital in our large pipeline of wind projects in Ukraine over the next two to three years […] We look forward to working with the Government of Ukraine and our strategic partners to support our expansion plans for investing in wind power in Ukraine.”