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Sayenko Kharenko Advises Banks on DTEK Renewables Green Bond Issuance

Sayenko Kharenko Advises Banks on DTEK Renewables Green Bond Issuance

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Sayenko Kharenko has advised joint lead managers Raiffeisen Bank International and Renaissance Capital on the EUR 325 million Eurobond issue by DTEK Renewables, a first-ever issue of notes under the green bond framework by a business from Ukraine.

The notes issued by DTEK Renewables have a five-year tenor and bear interest at 8.5% per annum. The proceeds of the transaction will be used to sustain the group’s portfolio of renewable energy projects and its future extension

DTEK Renewables is a Ukrainian green energy producer with 950MW of installed capacity.

Sayenko Kharenko’s team was led by Counsel Igor Lozenko and included Associates Oles Trachuk, Denis Nakonechyi, and Yurii Dmytrenko and Junior Associates Vladyslava Mitsai, Oleksandra Maksymenko, and Sofia-Maria Kuzminska.

Sayenko Kharenko did not reply to our inquiry on the matter.

Editor's Note: After this article was published Avellum announced that it had advised DTEK Renewables on the green Eurobond offering, which was structured as the issue of senior notes by DTEK Renewables Finance B.V. guaranteed by its parent DTEK Renewables B.V. as well as by Solar Farm-3 LLC and Orlovka WEP LLC — both subsidiaries of DTEK Renewables B.V.

According to Avellum, "DTEK Renewables is the first Ukrainian company to issue specialized securities for the development of renewable energy, which is a new tool for Ukrainian companies to attract investment for the development of the Ukrainian renewable energy sector. The use of green Eurobonds provides an attractive and highly effective financial mechanism to support Ukraine's transition to a more balanced energy system with lower CO2 emissions. DTEK Renewables will use the proceeds, among other things, to finance and/or refinance its existing wind power and solar power projects as well as to finance the development of green projects which are aimed at increasing the production, connection and distribution of renewable energy and related infrastructure."

The Avellum team was led by Senior Partner Glib Bondar with support from Associates Anastasiya Voronova, Oleg Krainskyi, Orest Franchuk, Dmytro Symbiryov, Anna Mykhalova, and Mariana Veremchuk.

In addition, CEE Legal Matters learned that Raiffeisen International and Renaissance Capital had been advised by a London-based Linklaters team led by Partners Richard O'Callaghan and Cecil Quillen and including Counsel Manoj Tulsiani and Senior Associate Yaroslav Alekseyev.