Avellum Advises EBRD and FMO on Loan to Chysta Enerhiia-2011

Avellum Advises EBRD and FMO on Loan to Chysta Enerhiia-2011

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Avellum has acted as Ukrainian legal counsel to the EBRD and Nederlandse Financierings – Maatschappij voor Ontwikkelingslanden N.V. in connection to a EUR 24.5 million senior secured loan granted to LLC Chysta Enerhiia-2011, with 50% from each. Integrites reportedly advised Chysta Enerhiia-2011 on the deal.

According to Avellum, the loan proceeds will be used to finance the construction and operation of a solar photovoltaic plant in the Cherkasy region, Ukraine, with the aggregate installed capacity of 30 megawatts. 

The project directly contributes towards achieving the government’s 15% target for renewable electricity generation by 2030 (it currently accounts for approximately 2%). The EBRD portion will be funded under its Ukraine Sustainable Energy Lending Facility.

FMO is the Netherlands Development Finance Company financing long-term, sustainable projects which power economies, promote the transition to a low-carbon system, and safeguard energy security. Since early 2000, FMO is active in Ukraine, also with investments in private equity funds, agribusiness, and the financial sector.

The Avellum team was led by Senior Partner Glib Bondar with the support of Counsel Maria Tsabal, Senior Associate Tetiana Mykhailenko, and Associates Dmytro Symbiryov, Daryna Mykhailenko, Anna Mykhalova, and Anna Kalabska