European Bank for Reconstruction and Development to finance its first solar energy project in Ukraine

The European Bank for Reconstruction and Development (EBRD) is to provide a loan to Rengy Development to build and launch solar power facilities in Vinnytsia region.

EBRD Principal Advisor for External Affairs Anton Usov told Interfax-Ukraine that this would be the first project on the financing of alternative energy such as solar energy in the bank's history.

He said that all of the details of the project would be announced at a press conference on October 8, 2012 devoted to the signing of a loan agreement, in which representatives of the bank and partners of Rengy Development Narek Arutiunian and Serhiy Yevlanchyk will take part.

As reported, Vinnytsia regional administration earlier said Kyiv-based Rengy Development is planning to build six solar power plants with a total capacity of 50 megawatts in Vinnytsia region.

According to a posting on the Web site of Rengy Development, the company's portfolio includes projects in the solar power sector with a total capacity of 65 megawatts, and in the wind power sector with a capacity of 100 MW, and a required volume of investment of up to EUR 300 million.

Rengy Development registered five subsidiaries in Vinnytsia region – Green Agro-Service, Primewood, Rengy Bershad, Rengy Tomashpil and Rengy Trostianets and four subsidiaries in Odesa region: Rengy Izmail, Rengy Tatarbunary, Rengy Sarata and Rengy Artsyz.