DTEK has secured EUR 370 million in loans backed by the Danish Export Credit Agency to finance the construction of the second phase of the Tiligul Wind Farm, amounting to EUR 450 million, the energy holding company reported.
"According to the terms of the agreement, banks will provide EUR 370 million in loan funds, secured by guarantees from the Danish Export and Investment Fund (EIFO), most of which will be used to finance Vestas EnVentus V162-6.0 MW turbines. DTEK will cover the remaining project costs with its own funds," the statement on DTEK's website says.
The cost of enhancing the capacity of the Tiligul Wind Farm in the Mykolaiv region from 114 MW to 500 MW, which was connected to the grid in May 2023, is EUR 450 million. Following the conclusion of the agreement with creditors, 64 wind turbines are expected to be purchased from Vestas, a leading global manufacturer of this equipment.
"This commitment represents the largest private sector investment in Ukraine since the full-scale invasion by Russia in 2022 and the largest private investment in the country's energy sector in history," the statement emphasizes.
DTEK plans to complete the construction of the Tiligul Wind Farm by the end of 2026. The number of turbines in the expanded wind farm will increase from 19 to 83, and the capacity will grow fourfold – from 114 MW to 500 MW.
At full capacity, the wind farm will generate 1.7 TWh of electricity annually – enough to supply 900,000 Ukrainian homes, which is equivalent to the energy needed to charge every smartphone in the EU for a year, the energy holding company explained.
"This is our contribution to a strong, independent, and free Ukraine, to the energy security of our country. The war has shown us: the enemy thinks 24 hours a day about how to leave Ukrainians without light and heat. But we believe in Ukraine, continue to invest in Ukraine so that Ukrainians can live on their land with light and warmth, and we are creating new jobs so that Ukrainians can return home. Our goal is not only to restore what was destroyed by Russia but also to lay the foundation for future economic growth," commented DTEK shareholder and businessman Rinat Akhmetov, whose words are included in the release.
He noted that the agreement for the construction of the second phase of the Tiligul Wind Farm, the largest renewable energy project in Ukraine, during wartime is about building a strong and independent Ukrainian energy future today. According to him, this is also a sign of trust from European partners.
"We are proud to expand our cooperation with DTEK and provide our technological solutions for the Tiligul Wind Farm project, which will support Ukraine's energy system. I want to thank DTEK for its visionary leadership, as well as the governments of Denmark, Ukraine, and the EU for their strong support of this ambitious project, which will help strengthen Ukraine's energy security," noted Henrik Andersen, President and CEO of Vestas.
According to EIFO CEO Peder Lundqvist, the fund is pleased to support the Vestas project in Ukraine, and it is an excellent opportunity to contribute to the development of renewable energy in a country suffering from war.
"This helps strengthen Ukraine's energy security and creates a green future for Ukrainians. EIFO has already financed more than 15 Ukrainian projects with Danish businesses in critically important sectors, including energy, water supply, and agriculture, and we aim to do even more," he emphasized.