Asters has advised China Machinery Engineering Corporation, a Chinese state-owned construction and engineering company, on its entrance into a contract with DTEK, a Ukrainian private power producer, for the construction of a solar power plant. DTEK was advised by Dentons Ukraine.
According to Asters, "the solar power station will be built in Nikopol with a planned capacity of 200 megawatts, making it the third largest in Europe in terms of potential output.” The project cost is estimated at EUR 230 million, and it will be financed with a combination of DTEK funds and a loan from CMEC secured by the Export Credit Agency of China.
Zhang Chun, CMEC’s Management Board Chairman said: "the Nikopol solar power plant will become the largest generating object of solar energy in Ukraine. The joint work of DTEK and CMEC will be an example of cooperation for other Ukrainian and Chinese companies. We are determined to implement a successful project for Ukrainians, which will create an environmentally friendly generation to achieve Ukraine's energy independence."
The Asters team advising on issues related to the EPC agreement included Partner Yaroslav Petrov and Associates Marta Halabala and Olena Sichkovska. Asters Partner Iryna Pokanay, Counsel Gabriel Aslanian, and Associates Inna Bondarenko and Oleksandr Khomenko advised on the financial agreements and securities, while Partner Alexey Khomyakov advised on tax issues.
Editor's note: After this article was published, Dentons informed CEE Legal Matters that its cross-border team advising DTEK consisted of Kiev Partner Adam Mycyk and Counsel Maksym Sysoiev, Istanbul Partners Ian McGrath and Tamsyn Mileham, Shanghai Senior Partner Nancy (Qingnan) Sun and Shanghai Partner Jean Wong, Warsaw Counsel Agnieszka Kulinska, Kiev Counsel Nadiya Shylienkova, and Shanghai Counsel Amanda (Yulan) Guo.