Baker Mckenzie assisted Bayerische Landesbank and DTEK Renewables with a significant renewable energy project financing in Ukraine
Baker Mckenzie's Kyiv, Frankfurt, Berlin and Amsterdam Offices assisted a consortium of German banks, led by Bayerische Landesbank, and DTEK Renewables to complete a significant ECA- backed finance transaction in the Ukrainian renewable energy sector, aimed at financing the construction of the first stage (100MW) of the Primorska wind electric plant ( Primorska WEP) in Zaporizhzhya region of Ukraine.
Upon completion of the second stage (for further 100MW) and reaching its projected capacity of 200MW, Primorska WEP will be among the largest onshore wind farms by power output in Central and Eastern Europe.
The EUR90 million loan facility's original lenders are, amongst others, Bayerische Landesbank, Bremer Kreditbank Aktiengesellscha and KFW Ipex- Bank Gmbh. The financing is supported by Euler Hermes, the German export credit agency.
Baker Mckenzie's international team on this transaction was led by Serhiy Chorny, Managing Partner in the Kyiv Office, and Kathrin Marchant, Partner in the Frankfurt Office, and benefited from expert input by Berlin- based Partner Tim Heitling, Amsterdam Office's Legal Director Martijn van der Vliet and Kyiv Associates Victoria Ischenko, Stepanyda Badovska and Nataliya Tyschenko.
CEO of DTEK Renewables Philipp Leckebusch commented: “According to the Energy Strategy of Ukraine, the share of renewable energy in the final energy consumption should increase to 25% by the year 2035. The country depends on investments like our project in order to reach this target. We are glad to contribute with our project to the realization of the objectives of Ukraine’s Energy Strategy and the development of a secure and environmental-friendly energy sector in Ukraine."
Managing Partner Serhiy Chorny commented: "Working on this transaction with Bayerische Landesbank, the other banks and the DTEK team was very rewarding - each of our team members felt that their professional skills and expertise helped to move forward the energy revolution in Ukraine and in broader Europe. We are grateful to the banks and the DTEK team for giving us this exciting opportunity."