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Sayenko Kharenko advises on the debut USD 825 million ESG Bond issue by Ukrenergo

16/ 11/ 2021
  Sayenko Kharenko has acted as Ukrainian legal counsel to BNP Paribas, Deutsche Bank, Goldman Sachs International and Ukreximbank, managers of the debut USD 825 million Eurobond issue by NPC Ukrenergo, the state-owned electricity transmission system operator. The 5-year notes are guaranteed by the state of Ukraine and bear interest at 6.875 per cent per annum. The notes were issued under the green and sustainability-linked bond framework, which provides that an amount equal to the net proceeds from the transaction will be used to finance or re-finance eligible green projects. Principally, such amount will be used for the repayment of debts accumulated in relation to payments to renewable energy producers under the “green” tariff. The green and sustainability-linked bond framework also includes specific performance indicators, which demonstrates Ukrenergo’s commitment to meet environmental, social and corporate governance (ESG) targets. Sayenko Kharenko partner Nazar Chernyavsky comments: “Our team is very proud to be a part of the debut capital markets transaction of Ukrenergo, which is also the first-ever direct issue of ESG bonds out of Ukraine. This is a significant milestone for Ukrainian investment climate and the country’s transition towards sustainable development. We hope that this landmark deal will restore investors’ confidence in Ukrainian energy sector and facilitate the implementation of renewables projects.” Sayenko Kharenko team working on the project was led by partner Igor Lozenko and included associates Denis Nakonechnyi, Oles Trachuk, Vladyslava Mitsai and junior associate Oleksandr Motin. The project team was assisted by antitrust counsel Oleksandr Nagorny and senior tax associate Anton Kerimov-Varanytskyi.

Sayenko Kharenko has acted as Ukrainian legal counsel to BNP Paribas, Deutsche Bank, Goldman Sachs International and Ukreximbank, managers of the debut USD 825 million Eurobond issue by NPC Ukrenergo, the state-owned electricity transmission system operator.

The 5-year notes are guaranteed by the state of Ukraine and bear interest at 6.875 per cent per annum. The notes were issued under the green and sustainability-linked bond framework, which provides that an amount equal to the net proceeds from the transaction will be used to finance or re-finance eligible green projects. Principally, such amount will be used for the repayment of debts accumulated in relation to payments to renewable energy producers under the “green” tariff. The green and sustainability-linked bond framework also includes specific performance indicators, which demonstrates Ukrenergo’s commitment to meet environmental, social and corporate governance (ESG) targets.

Sayenko Kharenko partner Nazar Chernyavsky comments: “Our team is very proud to be a part of the debut capital markets transaction of Ukrenergo, which is also the first-ever direct issue of ESG bonds out of Ukraine. This is a significant milestone for Ukrainian investment climate and the country’s transition towards sustainable development. We hope that this landmark deal will restore investors’ confidence in Ukrainian energy sector and facilitate the implementation of renewables projects.”

Sayenko Kharenko team working on the project was led by partner Igor Lozenko and included associates Denis Nakonechnyi, Oles Trachuk, Vladyslava Mitsai and junior associate Oleksandr Motin. The project team was assisted by antitrust counsel Oleksandr Nagorny and senior tax associate Anton Kerimov-Varanytskyi.

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