Redcliffe Partners has provided legal advice to the EBRD in connection with a EUR 3.3 million financing of an Aquanova Development LLC loan facility for the construction of a small hydro power plant, Nyzhniy Bystryi, with a generation capacity of 1.7 MW, located on the Rika River in the Khust District of the Zakarpattya Region of Ukraine. Clifford Chance advised EBRD on English law aspects of the financing.
According to Redcliffe Partners, "the project was implemented in Phase II of the Ukraine Sustainable Energy Lending Facility (USELF), which was designed to promote renewable energy generation in Ukraine, an increasingly important factor in the country’s energy security. The USELF program strengthens [the] sustainability of the renewables sector in Ukraine, especially in times of limited availability of funding for such projects from private banks. The USELF replicates a well-established EBRD model, which is already in place in other countries of Eastern Europe, Central Asia, and the Caucasus."
“EBRD is the largest financial investor and facilitator of energy efficiency solutions in Ukraine," said Redcliffe Partners' Managing Partner Olexiy Soshenko, who led the firm's team on the deal. "We were happy to participate in the Aquanova hydro power plant financing as one of the multiple investments of EBRD aimed at the development of an environmental and social foundation for renewables operations in Ukraine."
Soshenko was joined on the Redcliffe Partners team by Associate Evgeniy Vazhynskiy and Junior Associate Anatoliy Doludenko.