10:02 24.01.2019

Agreement between NBT, Total, EBRD on Syvash project signed in Davos

3 min read
Agreement between NBT, Total, EBRD on Syvash project signed in Davos

An agreement was signed between the Norwegian company NBT, the French company Total-Eren and the European Bank for Reconstruction and Development (EBRD) regarding the Syvash Project with participation of Ukrainian President Petro Poroshenko and President of the EBRD Suma Chakrabarti on January 23, 2019.

The signing ceremony took place in Davos (Switzerland) in the Ukrainian House before a meeting of the National Investment Council.

The arrival of NBT, Total in Ukraine shows that the country is now the second largest European market, Chakrabarti said during the signing of the document. He expressed confidence that NBT will have more projects.

"This shows that foreign investors are returning on the back of reform in Ukraine," he said.

Head of the Office of the National Investment Council Yuliya Kovaliv wrote on her Facebook page that Total-Eren, the subsidiary of the French energy giant Total, is entering the Ukrainian market and jointly with Norway's NBT will invest in construction of a wind farm with a capacity of 250 MW in the coming 18 months. Over EUR 350 million will be invested in the project.

"The project will be financed in the amount of EUR 150 million by the European Bank for Reconstruction and Development together with a consortium of banks. The relevant agreement was signed today [on January 23] in Davos at a meeting of the National Investment Council," she wrote.

As reported, on November 28, 2018, the EBRD approved the issue of a loan of up to EUR 150 million to Syvashenergoprom LLC (Kherson region, a subsidiary of Norway's NBT) for the construction of a wind power plant with an installed capacity of 250 MW in Kherson region.

Norway's NBT bought Syvashenergoprom LLC in April 2018 (it operates a wind farm with a capacity of about 3 MW) and intends to build wind plants with an installed capacity of 250-330 MW in the adjacent territories.

In 2006, Kherson Regional State Administration transferred the unfinished Syvash wind power plant to concession to Syvashenergoprom LLC until 2055. In 2011, Syvashenergoprom signed a lease agreement for land plots of 12 hectares under the concession wind farm and 1,300 hectares intended for the construction of new wind and solar generating capacities.

Early September 2018, an agreement on the implementation of an international investment project to build a complex of wind farms in Kherson region with Norway's NBT to play the leading role in the project was signed. According to the agreement, by the end of 2019 a total 67 wind units will be built along the northern coast of the Syvash Lake. The total investment under the agreement is around $450 million.

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