AVELLUM

acted as the Ukrainian legal counsel to the European Bank for Reconstruction

and Development (“EBRD”>) and Nederlandse Financierings –

Maatschappij voor Ontwikkelingslanden N.V. (“FMO”) in connection

with a senior secured loan to LLC “Chysta Enerhiia-2011” in the total amount of

up to EUR 24.5 million (and each 50%).

The loan

proceeds will be used to finance the construction and operation of a solar

photovoltaic plant in the Cherkasy region, Ukraine, with the aggregate

installed capacity of 30MW (“Project”).

The

Project directly contributes towards achieving the 15% government’s target in

renewable electricity generation by 2030 (up from the current ~2%). It complies

with the FMO’s strategy on energy security and energy transition. EBRD's

portion will be funded under their Ukraine Sustainable Energy Lending Facility

(“USELF III”). Consequently, the Project will not only reduce

the existing Ukraine’s dependancy upon nuclear and thermal generation, but will

also clean-up the site.

Glib

Bondar, AVELLUM’s senior partner, commented on the transaction: “We are proud to work with

the leading international financial institutions which entrust us with support

of the renewables projects of nationwide importance.”

The EBRD

is the largest international financial investor in Ukraine. Since the start of

its operations in the country in 1993, the EBRD has made a cumulative

commitment of almost EUR13.3 billion across some 423 projects in Ukraine. The

EBRD supports the development of renewable energy in Ukraine under the USELF

program since 2009 and has so far funded renewable energy projects in Ukraine

with a total capacity of over 540MW for a global investment of more than EUR275

million.

FMO is the

Netherlands Development Finance Company financing long-term, sustainable

projects which power economies, promote the transition to a low-carbon system,

and safeguard energy security. Since early 2000, FMO is active in the Ukraine,

also with investments in private equity funds, agribusiness and the financial

sector.

The AVELLUM team was led by senior

partner Glib Bondar with support from counsel Maria Tsabal, senior associate

Tetiana Mykhailenko and associates Dmytro Symbiryov, Daryna Mykhailenko, Anna

Mykhalova and Anna Kalabska.