Asters advises CMEC on signing a EUR 230 million contract with DTEK to build a 200 MW solar plant in Ukraine
Asters acted as a legal counsel to China Machinery Engineering Corporation (CMEC), one of the largest Chinese state-owned construction and engineering companies, in connection with signing a contract with DTEK, Ukraine’s largest private power producer, for the construction of a solar power plant in Nikopol (Dnipropetrovsk region).
The solar power station will be built in Nikopol with a planned capacity of 200 megawatts, making it the third largest in Europe in terms of potential output. The project cost is estimated at EUR 230 million. The project will be financed with a combination of DTEK funds and a loan from CMEC secured by the Export Credit Agency of China.
“Nikopol solar power plant will become the largest generating object of solar energy in Ukraine. The joint work of DTEK and CMEC will be an example of cooperation for other Ukrainian and Chinese companies. We are determined to implement a successful project for Ukrainians, which will create an environmentally friendly generation to achieve Ukraine’s energy independence,” – Mr. Zhang Chun, CMEC Management Board Chairman, comments.
Asters’ project team included Partner Yaroslav Petrov, Senior Associate Marta Halabala, Associate Olena Sichkovska advising on the issues related to EPC agreement, Partner Iryna Pokanay, Counsel Gabriel Aslanian, Associates Inna Bondarenko and Oleksandr Khomenko advising on the financial agreements and securities, and Partner Alexey Khomyakov – on tax issues.
China Machinery Engineering Corporation (CMEC) is a member of the Chinese state-owned Sinomach group, one of the leading contractors of energy projects in the world. The Sinomach portfolio of projects in the energy sector exceeds 4300 MW. The company operates in 150 countries of the world.
Asters is a full-service independent national law firm that has maintained a strong presence in Ukraine since 1995. Asters has extensive industry-specific experience and plays a leading role in advising clients in various market sectors. The Firm has consistently remained at the top of the Ukrainian legal market throughout its history. It is acknowledged as the Law Firm of the Decade by Ukraine’s Legal Awards 2016.The Firm is also a two-time winner of the Law Firm of the Year: Ukraine and the CIS award (The Lawyer European Awards 2014 and 2015) and holds top positions in the most authoritative international and Ukrainian market reviews: The Legal 500, Chambers Global and Chambers Europe, IFLR 1000, Who’s Who Legal, Best Lawyers, Expert Guides, and Top 50 Law Firms Annual National Ranking.