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Sayenko Kharenko advises on the project finance facility to support the EUR 450 million expansion of DTEK Tyligulska windfarm

09/ 02/ 2025
  Sayenko Kharenko has acted as Ukrainian legal counsel to leading foreign banks and the Export and Investment Fund of Denmark (EIFO) in connection with a EUR 370 million project finance facility for the expansion Tyligulska windfarm by DTEK, a leader in Ukrainian renewable energy market and the largest private investor in the country’s energy sector. The financing was backed by a guarantee from EIFO. Coupled with DTEK’s financing of the remaining project costs, the total investment will amount to EUR 450 million, making this the largest private sector investment in Ukraine since russia’s full-scale invasion in 2022 and the biggest ever private investment in Ukraine’s energy sector. The proceeds of the facility will be used to purchase 64 wind turbines from Vestas, the world’s leading turbines manufacturer. DTEK has unveiled plans to accelerate construction throughout 2025, aiming for completion by the end of 2026. The expanded windfarm will grow from 19 to 83 turbines and increase capacity four-fold from 114 MW to 500 MW. At full capacity, Tyligulska is expected to produce 1.7 TWh of electricity a year – providing enough electricity to power 900,000 Ukrainian homes. “This financing marks a significant milestone for Ukraine’s recovery amid the ongoing war. We are pleased to have advised EIFO and the lenders in supporting this ambitious project and enabling the swift implementation of DTEK’s expansion efforts,” commented Anton Korobeynikov, partner at Sayenko Kharenko. “Our team is honoured to have contributed to a landmark project finance transaction of this scale, showcasing the extraordinary efforts of all parties involved. We firmly believe that Ukraine’s energy sector will be instrumental in attracting foreign investment and revitalising the country’s economy,” added Igor Lozenko, partner at Sayenko Kharenko. Sayenko Kharenko’s core team working on the project was led by partners Anton Korobeynikov and Igor Lozenko and included senior associates Oles Trachuk and Natalia Hutarevych, associates Vladyslava Mitsai, Natalia Khmelovska, Yevgen Koval and junior associates Artem Medvetskyi, Mykola Suprunovych, Polina Savinska. The project team was assisted by counsel Tymur Enkhbaiar, senior associates Taras Bondarenko and junior associates Victoria Chorna, Ahil Aliev, Vladyslav Novitskyi and Maksym Kysil on real estate matters.

Sayenko Kharenko has acted as Ukrainian legal counsel to leading foreign banks and the Export and Investment Fund of Denmark (EIFO) in connection with a EUR 370 million project finance facility for the expansion Tyligulska windfarm by DTEK, a leader in Ukrainian renewable energy market and the largest private investor in the country’s energy sector. The financing was backed by a guarantee from EIFO. Coupled with DTEK’s financing of the remaining project costs, the total investment will amount to EUR 450 million, making this the largest private sector investment in Ukraine since russia’s full-scale invasion in 2022 and the biggest ever private investment in Ukraine’s energy sector.

The proceeds of the facility will be used to purchase 64 wind turbines from Vestas, the world’s leading turbines manufacturer. DTEK has unveiled plans to accelerate construction throughout 2025, aiming for completion by the end of 2026. The expanded windfarm will grow from 19 to 83 turbines and increase capacity four-fold from 114 MW to 500 MW. At full capacity, Tyligulska is expected to produce 1.7 TWh of electricity a year – providing enough electricity to power 900,000 Ukrainian homes.

“This financing marks a significant milestone for Ukraine’s recovery amid the ongoing war. We are pleased to have advised EIFO and the lenders in supporting this ambitious project and enabling the swift implementation of DTEK’s expansion efforts,” commented Anton Korobeynikov, partner at Sayenko Kharenko.

Our team is honoured to have contributed to a landmark project finance transaction of this scale, showcasing the extraordinary efforts of all parties involved. We firmly believe that Ukraine’s energy sector will be instrumental in attracting foreign investment and revitalising the country’s economy,” added Igor Lozenko, partner at Sayenko Kharenko.

Sayenko Kharenko’s core team working on the project was led by partners Anton Korobeynikov and Igor Lozenko and included senior associates Oles Trachuk and Natalia Hutarevych, associates Vladyslava Mitsai, Natalia Khmelovska, Yevgen Koval and junior associates Artem Medvetskyi, Mykola Suprunovych, Polina Savinska. The project team was assisted by counsel Tymur Enkhbaiar, senior associates Taras Bondarenko and junior associates Victoria Chorna, Ahil Aliev, Vladyslav Novitskyi and Maksym Kysil on real estate matters.

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