EBRD funds solar power in Ukraine

EBRD funds solar power in Ukraine

Published: October 9, 2012

Bank arranges €5.7mn funding in first backing of solar project.

The European Bank for Reconstruction and Development (EBRD) is arranging a €5.7mn (US$7.3mn) funding package for a solar power plant in Ukraine.

The funding will back the development of a 4.5MW solar plant owned by local company Green Agro Service. The plant will be located in the Vinnitsya region of south Ukraine.

This is the first solar project to be financed by the EBRD in the region. The funding comprises an eight-year EBRD loan of €4.1mn and a 15-year loan of €1.6mn from the Clean Technology Fund (CTF), established in 2008 to help middle-income countries to adopt renewable energy.