Baker Mcken­zie as­sisted Bay­erische Lan­des­bank and DTEK Re­new­ables with a sig­nif­i­cant re­new­able en­ergy project fi­nanc­ing in Ukraine

Kyiv Post Legal Quarterly - - Contents -

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."

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