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

05/ 09/ 2018
  Kyiv, Ukraine, 5 September 2018 — Baker McKenzies 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 facilitys original lenders are, amongst others, Bayerische Landesbank, Bremer Kreditbank Aktiengesellschaft and KfW Ipex-Bank GmbH. The financing is supported by Euler Hermes, the German export credit agency. Baker McKenzies 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 Offices 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. Frankfurt based Finance Partner Kathrin Marchant commented: This is the most significant cross-border loan transaction in the Ukrainian renewable energy sector this year and the first of this size in the last years. It is a very good example of how ECA-backed financing together with the joint efforts of experienced teams of bankers, investors, exporters and advisers can assist in making a complex project in challenging circumstances a success. About DTEK Renewables DTEK Renewables is the operating company managing DTEK’s assets in the renewable energy sector. The company focuses on the development of solar and wind energy projects. DTEK Renewables owns the operating assets 200 MW Botievo Wind Farm, 10 MW Tryfanovska Solar Farm and Wind Tech Company which provides services on wind turbine maintenance. Projects in the implementation phase include the 200 MW Primorskaya WEP, 100 MW Orlovka WEP, and the 200 MW Nikopol SPP.   DTEK is a strategic holding company that consolidates its business in the energy sector. DTEK’s companies employ 73 thousand people. CEO of DTEK is Maksym Timchenko. DTEK companies produce coal and natural gas, generate electric power in thermal and renewable energy plants, supply thermal and electric power to end consumers, and provide energy services. The operating companies directly manage their production companies in each of the business streams. (www.dtek.com). About Baker McKenzie Baker McKenzie helps clients overcome the challenges of competing in the global economy. We solve complex legal problems across borders and practice areas. Our unique culture, developed over 65 years, enables our 13,000 people to understand local markets and navigate multiple jurisdictions, working together as trusted colleagues and friends to instil confidence in our clients.(www.bakermckenzie.com)

Kyiv, Ukraine, 5 September 2018 — 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 Aktiengesellschaft 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 IschenkoStepanyda 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”.

Frankfurt based Finance Partner Kathrin Marchant commented: “This is the most significant cross-border loan transaction in the Ukrainian renewable energy sector this year and the first of this size in the last years. It is a very good example of how ECA-backed financing together with the joint efforts of experienced teams of bankers, investors, exporters and advisers can assist in making a complex project in challenging circumstances a success.

About DTEK Renewables

DTEK Renewables is the operating company managing DTEK’s assets in the renewable energy sector. The company focuses on the development of solar and wind energy projects. DTEK Renewables owns the operating assets 200 MW Botievo Wind Farm, 10 MW Tryfanovska Solar Farm and Wind Tech Company which provides services on wind turbine maintenance. Projects in the implementation phase include the 200 MW Primorskaya WEP, 100 MW Orlovka WEP, and the 200 MW Nikopol SPP.
 
DTEK is a strategic holding company that consolidates its business in the energy sector. DTEK’s companies employ 73 thousand people. CEO of DTEK is Maksym Timchenko. DTEK companies produce coal and natural gas, generate electric power in thermal and renewable energy plants, supply thermal and electric power to end consumers, and provide energy services. The operating companies directly manage their production companies in each of the business streams.
(www.dtek.com).

About Baker McKenzie

Baker McKenzie helps clients overcome the challenges of competing in the global economy. We solve complex legal problems across borders and practice areas. Our unique culture, developed over 65 years, enables our 13,000 people to understand local markets and navigate multiple jurisdictions, working together as trusted colleagues and friends to instil confidence in our clients.(www.bakermckenzie.com)

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