April 18, 2019
Finnish development financier Finnfund has decided to make a 15 million euro co-investment in the Syvash wind farm to be built in Kherson province, southern Ukraine.
With a generating capacity of 250 MW, Syvash will be the largest wind farm in Ukraine. It will have significant impact on Ukraine’s energy security and contribute to the country’s shift towards renewable energy generation.
“It is encouraging to see that Ukraine is serious about increasing its renewable energy generation capacity. As Finnish development financier with strong focus on renewables, we are very pleased to be part of Ukraine’s energy transition”, says Finnfund’s Associate Director Helena Teppana.
At present Ukraine is heavily dependent on fossil fuels but the country has set itself a target of lifting the share of renewable energy to 25 % by 2035. Ukraine is a lower-middle income country with uncertain economic outlook, which makes the contribution of development finance institutions necessary.
Finnfund is participating in the Syvash wind project together with European Bank for Reconstruction and Development (EBRD), The Nordic Environment Finance Corporation (NEFCO), Dutch Development Bank FMO, Green for Growth Fund, Black Sea Trade and Development Bank, Danish Investment Fund for Developing Countries IFU and French Development Finance Institution Proparco.
The Syvash project is co-owned by the Norwegian wind farm developer NBT AS and Total Eren SA, a leading French-based renewable energy Independent Power Producer (“IPP”). Al Gihaz of Saudi Arabia has signed a partnership agreement with Total Eren to take a minor stake in the project. Once operational, the Syvash Wind Farm will be capable of producing clean energy to provide power to approximately 100,000 households.
With this investment, Finnfund’s clean energy portfolio will total 166 million euros. Renewable energy is one of Finnfund’s four focus areas, alongside sustainable forestry, financial institutions and sustainable agriculture.
Director of Communications Pasi Rajala, tel. +358 400 464 393, pasi.rajala(a)finnfund.fi
Finnfund is a Finnish development financier and professional impact investor. We build a sustainable world by investing in responsible and profitable businesses in the developing countries. Each year we invest 150–200 million euros in 20-30 projects, emphasising renewable energy, sustainable forestry, sustainable agriculture and financial institutions. Today Finnfund’s investments and commitments total about 700 million euros, half of them in Africa. The company has 80 employees. For more information, please visit www.finnfund.fi