UKRGASBANK along with Canadian Investor are Developing the Alternative Energy Sector in Ukraine

The State UKRGASBANK and TIU Canada, the first Canadian investor to construct solar projects in Ukraine since 2010, have begun cooperation in increasing the capacity of renewable energy sources.

In particular, the Bank refinanced 70% of the cost of the new powerful Nikopol Solar Power Plant, which became the pilot project of TIU Canada. The total investment in the construction of the Solar Power Plant (later in the text: SPP) amounted to approximately 10.5 million euros.

The SPP consists of 32 thousand photomodules and is located on an area of 15.1 hectares on the territory of the Nikopol Ferro-alloys Factory in the Dnipropetrovsk region.

The new SPP with a capacity of 10.5 MW is among the most productive plants in the Dnipropetrovsk region and is already supplying clean energy to local residents and enterprises.

Thanks to the project’s implementation, the CO2 emissions will reduce at an estimated rate of 7.8 thousand tons per year, and natural gas savings will amount to 3.9 million cubic meters.

According to Rodion Morozov, the Director of the Department of Environmental Reengineering and Implementation of Resource Conservation Projects, the Bank is ready to participate in new projects of the Canadian partner. "Ukraine has a remarkable investment potential and it is nice that such powerful innovative companies in the field of renewable energy are emerging on the domestic market. I am convinced that cooperation with UKRGASBANK will help to realize more than one important eco-project for Ukrainians. And this means saving resources and funds as well as a significant reduction of harmful emissions into the environment", - said Rodion Morozov.

The President of Refraction Asset Management, the owner of TIU Canada, Michael Yurkovich, was pleased at the quality of service provided by UKRGASBANK and looks forward to UKRGASBANK’s willingness to further develop and support the alternative energy sphere in Ukraine.

"Today, investment in renewable energy has a very positive impact on the environment, especially industrial regions. It's good that with every year Ukraine is increasingly focusing on the development of "green" technologies, as it significantly improves the efficiency of the economy, creates more power to manage energy during the industrial peak load periods and creates tax revenues as well as jobs for rural Ukraine. We are pleased UKRGASBANK recognizes the importance of investing in renewable energy sources and we look forward to the continued participation of UKRGASBANK. We encourage the bank to continue to play a role in supporting Foreign Direct Investment and improving the quality of life for Ukrainians by developing infrastructure and investing in Ukraine", - said Michael Yurkovich. 

What is more, the first SPP in Nikopol gave employment to 25 local employees, and the city budget additionally received more than 2 million UAH.

Reference: TIU Canada is an energy company operating in the renewable energy sector owned by the “Refraction 1 Fund” a Canadian investment company.