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Integrites Advises Scatec Solar on Financing of Photovoltaic Plants in Ukraine

Integrites Advises Scatec Solar on Financing of Photovoltaic Plants in Ukraine

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Integrites, working with the UK's Trinity LLP law firm, has advised Norway's Scatec Solar (Norway) on all aspects of the financing and construction of six photovoltaic plants in Ukraine worth a total of EUR 209 million.

The first of the plants identified by Integrites is a 55 MW solar PV plant in the village of Ratseve in the Cherkasy Region in central Ukraine, worth a total of EUR 54 million. According to Integrites, "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." 

The second plant identified by Integrites is a 30 MW solar PV plant in the Cherkasy region of central Ukraine, worth a total of EUR 35 million. The European Bank for Reconstruction and Development and the Dutch development bank FMO have signed credit agreements for the non-recourse debt financing of the project. According to Integrites, "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 ten-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."

The next three plants are three 48 MW plants located in Progressovka, and Integrites reports that the "total project costs for all PV plants are estimated at approximately EUR 120 million." According to the firm, "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 ten-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."

The Integrites team included Partner Igor Krasovskiy, Counsel Gennadii Roschepii, Senior Associates Olena Savchuk and Yuriy Korchev, and Associates Alina Trofimova and Viktoriia-Anna Oliinyk.

Editor's Note: After this article was published, Dentons announced that it had advised Chinese energy company PowerChina Guizhou on the implementation of the Progressovka project in the Mykolaiv region of Ukraine. Dentons' Ukraine-based team was led by Partner Adam Mycyk and Counsel Maksym Sysoiev and included Partner Natalia Selyakova, Counsel Nadiya Shylienkova, and Associates Nadiya Levchuk, Artem Lukyanov, and Viktor Marchan. Turkey-based Partners Ian McGrath and Tamsyn Mileham provided English law advice. 

Integrites at a Glance

INTEGRITES is a full-service law firm with the head office in Ukraine, offices in Kazakhstan and Russia, and representative offices in Germany, the Netherlands, and the UK.

We provide legal services to companies seeking comprehensive advice on large deals and major disputes, as well as day-to-day operation. INTEGRITES is highly recommended for its cross-border work (whether sophisticated transactions or complex dispute resolution) and for the projects in energy, in particular, renewable.

Our mission is to help companies concentrate on development of their business while we take care of the legal issues. With profound industry-focused expertise, we deliver legal solutions that add value to the business of our clients and help them successfully handle legal challenges.

In 14 years INTEGRITES has served more than 850 clients from around the globe, including Fortune 500 companies and international financial institutions. Clients in our portfolio are recognized leaders in various industries: from manufacturing, pharmaceuticals, and retail to agriculture, logistics, and renewables. Currently 80% of the companies we serve are international.

INTEGRITES has been consistently recognized by the leading international legal directories and rankings: Chambers Global/Europe, The Legal 500 EMEA, Who’s Who Legal, IFLR 1000, Best Lawyers, FT Innovative Lawyers.

All News about, and Legal Analysis by, Integrites can be found here.

Firm's website: www.integrites.com