Concern Galnaftogaz, which owns the OKKO filling station chain, has signed an agreement to raise €157 million to build a wind farm in Volyn.
This was reported by the European Bank for Reconstruction and Development (EBRD), which is also involved in financing this project.
This is one of the first greenfield private projects in Ukraine's energy sector since the start of Russia's full-scale invasion of Ukraine in 2022. The funds will be allocated to Wind Power G&I Volyn and Wind Power G&I Volyn 3, which will be responsible for the project implementation.
The loans will be used to support OKKO in the construction and operation of wind farms in Ukraine with a total capacity of 147 MW. The stations are expected to produce at least 380 GWh of renewable electricity with zero carbon emissions per year. This will reduce CO2 emissions by about 245 thousand tons per year.
Who will finance the construction of the wind farm
The following institutions will provide funding for the implementation of this renewable energy project:
- European Bank for Reconstruction and Development – €60 million;
- International Finance Corporation – €60 million;
- Black Sea Trade and Development Bank – €37 million.
The project is also supported by EU guarantees and a £3.8 million (€4.5 million) grant from the UK. Its total cost is estimated at €225 million.
Recently, EcoPolitic reported that Friendly Wind Technologies, a company based in Kramatorsk, plans to triple the production of wind turbines.
Also in March, we told you that Velta, a domestic titanium company, had started designing solar and wind power plants, as well as energy storage systems. It plans to invest $10 million in them.
