Wind energy is about to make its way into the biggest country in the former Eastern Bloc: Ukraine.
The European Bank for Reconstruction and Development (EBRD) recently announced its plans for making its first investment into wind energy in Ukraine.
The financing package totaling around $17.6 million will go to Eco-Optima, a Ukrainian-Italian joint venture, to develop and operate a wind farm in Staryi Sambir, a region in the far western part of the country.
The bulk of the financing will be used to build and operate the 12.5 MW wind farm with the hopes of putting out 25.5 GWh annually. The wind farm will supply power to 10,000 Ukrainian homes in addition to improving the quality and reliability of the power in the Lviv-Staryi Sambir region. The wind farm is expected to be up and running by the end of the year.
This particular wind farm is the first funded project under the EBRD’s $92.4 million Ukrainian Sustainable Energy Lending Facility, which was designed as a way to provide financing to private local companies looking to invest in Ukrainian renewable energy projects. Technical assistance, regulatory framework development and strategic environmental review are all additionally funded by the Global Environmental Facility, which was a very big deal in getting Ukrainian politicians to make regulatory changes to make renewable energy sources commercially viable.
The EBRD is in Ukraine for the long haul with its investments totaling a staggering $9.4 billion through 293 different projects.