CMS and Integrites have advised EuroCape Ukraine I LLC, a subsidiary of independent renewable energy company LongWing Energy SCA on equity and senior debt financing it received for the construction of the Zaporizhia Wind Farm in Ukraine.
The equity investment comes from VLC Renewables, a renewable energy investment fund formed through a partnership between Vitol and Low Carbon, with GE Energy Financial Services making a minority investment.
The Overseas Private Investment Corporation — the U.S. Government's development finance institution — will also provide senior debt of USD 150 million for the first phase of the wind farm, with JP Morgan as hedge provider.
The financing package will be used to support the first 98 MW phase of the planned 500 MW wind farm. Once completed, the onshore wind farm will be one of the biggest in Europe. According to CMS, "the project is expected to significantly increase the country’s power generation capacity and bolster energy security."
The CMS team was led by Partner Vitaliy Radchenko and included Counsel Natalia Kushniruk, Senior Associate Kateryna Chechulina, and Associate Khrystyna Korpan.
The Integrites team providing Ukrainian counsel included Partners Oleksiy Feliv, Igor Krasovskiy, Illya Tkachuk, and Viktoriya Fomenko, Counsels Serhii Uvarov and Gennadii Roschepii, Senior Associates Olena Savchuk, Inna Kostrytska, and Yuriy Korchev, and Associates Oleh Kotliar and Victoriia Shvydchenko.
Editor's note: After this article was published, CEE Legal Matters learned that Dentons advised VLC Renewables on this deal. The firm's team was led by UK Partner Christopher Thomson and included London-based Partner Mark Cheney and Kyiv-based Partner Adam Mycyk, Kyiv-based Counsel Maksym Sysoiev and Senior Associate Natalia Levchuk, and London-based Associates Paul Scott and Natalie Burns.