Sayenko Kharenko has advised the Nordic Environment Finance Corporation on its EUR 30 million loan to Ukraine, intended to fund a project designed to boost energy efficiency programs in Ukrainian universities and the teaching conditions in the facilities.
This is NEFCO’s first loan transaction in Ukraine, and it has been partially guaranteed by the Swedish International Development Cooperation Agency.
The total value of the project is estimated at EUR 160 million and it will be co-financed by the European Investment Bank – acting as lead financier to the “Higher Education of Ukraine” project approved by the Cabinet of Ministers of Ukraine – and through grants from the Eastern Europe Energy Efficiency and Environment Partnership.
The first phase of the project, scheduled to begin in 2018, will involve universities in Chernihiv, Kharkiv, Kyiv, Lviv, Poltava, Sumy, and Vinnytsia. The second phase of the project may include additional universities and is expected to be be completed by the end of 2022.
Sayenko Kharenko Partner Nazar Chernyavsky commented that: “Energy efficiency is key to Ukraine's sustainable growth. Making our universities better means investing in our young people and the future of our country. I am proud that our firm is part of this prominent project, which helps us to create a better Ukraine and improve our chances to secure an important role in the European economic and cultural landscape.”
Chernyavsky led the Sayenko Kharenko team, which included Senior Associate Marta Lozenko and Junior Associate Oles Trachuk.