News and developments
INTEGRITES advises Longwing Energy S.C.A. on launching Phase I of 500 MW Zaporizhzhia Wind Park
GE Capital joined the project as a funding partner and U.S. International Development Finance Corporation (formerly, OPIC) provided political risk insurance and debt financing.
On May 1, 2021, Phase I of the wind park with the capacity of 98 MW started commercial generation of electricity at the feed-in tariff set by the National Energy and Utilities Regulatory Commission of Ukraine (NEURCU). Prior to this, INTEGRITES acted as local counsel to Eurocape Ukraine I in reaching the financial close of Phase I of the project. Due to the completion of Phase I, Zaporizhzhia Wind Park with a capacity of 98 MW will provide 170 000 households with clean energy. When fully constructed and commissioned, the facility is expected to reduce carbon emissions by more than 4.86 million tons per year and provide 780,000 of households in Ukraine with electricity.
INTEGRITES advised Eurocape Ukraine I LLC on all aspects of the project, including structuring, financing, development, construction and operation, including advice on pre-PPA, commissioning, connection to the grid, getting the feed-in tariff and compliance with other regulatory technical requirements. The firm also advised on the transmission and dispatch agreements, as well as the activation of the PPA with the Guaranteed Buyer.
Led by the Managing Partner, Dr. Oleksiy Feliv, the team working on the project included Partner and Head of Banking and Finance Igor Krasovskiy, Partner and Head of Corporate and M&A Illya Tkachuk, Partner and Head of Tax and Customs, Viktoriya Fomenko.
Managing partner, Dr. Oleksiy Feliv: “Eurocape sought advice from INTEGRITES in 2018 when the project required complex advice on the regulatory issues and a bankable pre-PPA. We managed to comply with the requirements from OPIC (now DFC) and to negotiate acceptable terms with the offtaker. After reaching the financial close, we provided comprehensive advice on all relevant project development issues. Phase I now is commissioned. Feeling truly as a part of this great venture and happy to see it successfully completed, we are looking to support the client in the remaining project phases”.
Partner Igor Krasovskiy: “Eurocape is one of the largest investors into Ukraine’s renewables, and it’s our honour to be their legal advisor in this transaction, as well as leading advisor in their overall business expansion in Ukraine. Great to see the project reaching an important milestone and being successfully implemented. We at INTEGRITES are proud to have contributed to the success and will stay by our client’s side”.
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With the profound industry expertise as a leading legal advisor to the largest foreign investors into renewables in Ukraine, INTEGRITES understands the challenges posed by the global decarbonisation trend. The Climate Change Task Force within the firm helps local and international businesses deal with these challenges. Our prime focus and mission are to support clients in projects improving their environmental footprint, in particular renewables, energy storage and maneuver capacities, green hydrogen and green electricity trading.