31 Oct 2024 21:36

EBRD to give 62 mln euros to Galnaftogaz to build 147 MW wind farm in Ukraine

MOSCOW. Oct 31 (Interfax) - The European Bank for Reconstruction and Development (EBRD) plans to approve the allocation of a long-term 62-million-euro loan to Concern Galnaftogaz on December 4 to finance the construction of a 147 MW wind farm in Ukraine's Volyn region, Ukrainian media reported, citing the EBRD's website.

The total cost of the project is estimated at 235 million euros, the loan will be provided to Wind Power GSI Volyn and Wind Power GSI Volyn 3.

The wind farm is expected to generate around 380 GWh of zero-carbon renewable electricity annually.

This is the first private project in the Ukrainian electric power sector financed by the EBRD since the beginning of the crisis, it said.

As reported, the Ukrainian Anti-Monopoly Committee authorized Cyprus-based GNG Retail Limited in February 2024 to buy more than 50% in the charter capitals of Wind Power GSI Volyn and Wind Power GSC Volyn 3

According to the public data, GNG Retail Limited owns 89.5% in the two companies, while ZNVKIF Rimini owns 10.5%, in which 83.19% belongs to Vitaly Antonov.

Okko CEO Vasily Danilyak announced the start of building a wind farm in the Volyn region this fall. He explained the group's plans to operate in the renewable energy sector by the need to diversify its business, as the fuel market is no longer expected to grow.

Galnaftogaz operates one of the largest chains of Okko filling stations, which includes over 400 facilities with a chain of catering outlets. The concern also includes other businesses.

Antonov's GNG Retail Limited holds 90.25% of Concern Galnaftogaz. Cyprus-based Avalia Investments Limited belonging to Igor Mazepa, founder and head of Concorde Capital, became the owner of another 7.35% stake in October 2024.