Ukraine's energy giant DTEK to invest $468 million in expanding Black Sea wind power plant

Ukraine's largest private energy company, DTEK, announced plans on Jan. 22 to invest 450 million euros ($468 million) in expanding the Tyligulska Wind Power Plant near the Black Sea coast.

DTEK, which is owned by Ukraine's richest man Rinat Akhmetov, lost nearly 90% of its generation capacity in 2024 due to Russia's aerial attacks targeting Ukraine's power grid.

The company said it reached a financing deal with lenders to purchase 64 wind turbines from Danish manufacturer Vestas, a world leader in turbine production.

By expanding the facility from 19 to 83 turbines, the project aims to increase the wind farm's capacity fourfold, from 114 megawatts (MW) to 500 MW, DTEK said. The project is expected to be completed by late 2026 and generate 1.7 terawatt-hours (TWh) of electricity annually, enough to power 900,000 Ukrainian homes.

Of the 450-million-euro investment, 370 million euros ($385 million) will be financed through bank loans guaranteed by Denmark's state-owned Export and Investment Fund (EIFO), with the remainder funded by DTEK.

"The commitment is the largest private sector investment in Ukraine since russia’s full-scale invasion in 2022 and the biggest ever private investment in Ukraine’s energy sector," the company said in a press release.

The Tyligulska plant, which became operational in May 2023, is located in Mykolaiv Oblast, approximately 400 kilometers south of Kyiv, and consists of 19 Danish company Vestas-supplied wind turbines.

DTEK signed a memorandum of understanding with Vestas in December 2023, aiming to construct the largest wind farm in Eastern Europe.

Zelensky touts Ukraine’s potential in meeting with global investors at Davos forum

President Volodymyr Zelensky met leading American and European executives and business leaders at the World Economic Forum in Davos, Switzerland, on Jan. 22, emphasizing Ukraine’s investment potential and the importance of international support in achieving a just peace.

The Kyiv IndependentTim Zadorozhnyy

Source link

Related posts:

Ukraine braces for winter freeze amid potential Russian strikes targeting nuclear power Ukrainian energy giant says it's 'disappointed' by report on EBRD's refusal to fund it 'Not waiting until the war is over' – Foreign investment keeps growing in Ukraine Ukraine's top energy company to receive $112 million from EU, US to restore facilities Economy Minister: They said no one would invest in country at war. They were wrong Ukraine state-owned enterprises weekly — Issue 158 Recent Russian attacks hit 3 of Ukrainian energy giant DTEK's 5 operational thermal power plants, Reuters reports Ukraine state-owned enterprises weekly — Issue 151