14:58 25.05.2021

MPs from Inter-Factional Union 'Clean Energy' visit VR Capital's wind farm

3 min read

Kyiv, May 25, 2021.

On May 22, Ukrainian MPs, representatives of the Inter-Factional Union "Clean Energy - Healthy Environment" - Pushkarenko Arseniy, Perebiynis Maxim, Pashkovsky Maxim, Kabachenko Vladimir, Drabovsky Anatoly, Kunaev Artyom, Grishchenko Tetyana, Savrasov Maxim and Goncharenko Alexey - and investors in renewable energy in Ukraine participated in the first educational and professional trip to the Dniester wind farm of Elementum Energy, a VR Capital subsidiary. The visit took place within the framework of the Memorandum of Cooperation with Inter-Factional Union "Clean Energy - Healthy Environment" and was co-organized by leading industry associations: EUEA/European-Ukrainian Energy Agency, Ukrainian Renewable Energy Association, and Ukrainian Wind Energy Association.

The main purpose of the trip was to unite key players in the Renewable Energy Sources (RES) sector - investors, industry associations, and MPs of Ukraine, raise awareness of MPs, discuss the current state of the RES sector in Ukraine, and address such key domestic issues as non-compliance with the Memorandum of Understanding and Law №810, existing debts to RES producers, systemic restrictions and the possible introduction of excise tax the amount of which could vary between 3,2% and up to 40%.

The members of the associations together with the representatives of the Parliament visited the first stage of the Dniester WPP of Elementum Energy with a capacity of 40 MW and the solar photovoltaic power plant of TIU Canada with a capacity of 13 MW.

The first stage of the Dniester wind farm (40 MW) was put into operation on May 1, 2021. The construction of the second phase of the wind farm (60 MW) has now begun and will be launched in the first half of 2022.

The Dniester wind farm, with a total capacity of 100 MW, will produce 360 million kWh per year, which is enough to provide electricity for 180,000 households during the year. The use of this green energy will prevent the release of the equivalent of 280,000 tonnes of CO2 into the atmosphere.

The construction of the first phase began in March 2020, with the support of the American investor VR Capital, shortly after the world was hit by the COVID-19 pandemic. The project was implemented in strict compliance with all anti-epidemiological requirements, and, despite the quarantine restrictions, was implemented on time and within budget.

Alexandr Podprugin, COO Elementum Energy said: "Elementum Energy and VR Capital are confident that renewable energy is the future and we believe in the undeniable environmental, economic, and social benefits of such sources. We are doing everything possible to establish a multilateral dialogue, and we hope that very soon the authorities and communities will be able to independently and fully assess the benefits of green energy. I want to thank every member of the Inter-Factional Union, associations, and investors who are working on expanding and developing the RES market in Ukraine."

Andriy Konechenkov, Chairman of the Board of UWEA: "We, as the Ukrainian Wind Energy Association, try to support comprehensive cooperation with public authorities, especially with the representatives of the legislative branch of government. Our task is to ensure interaction between our investors and parliamentarians. We want to thank VR Capital and Elementum Energy for the invitation and the opportunity to learn more about the benefits of RES in practice. Communication and constructive dialogue will help us come up with a joint solution to overcome the crisis in the market and build a clear position on the further development of RES in Ukraine."