According to a report from Bloomberg, the European Bank for Reconstruction and Development (EBRD) has approved a €5.7 million financial package for a solar plant in Ukraine. This will be the EBRD’s first solar project in the country and will see the organisation provide a €4.1 million eight year loan in order to develop a 4.5MW solar plant in the Vinnytsya region to Rengy Development. As stated by Narek Harutyunyan, director of Rengy Development, the total cost of the solar project is €10 million.
The remaining €1.6 million in its investment will be supplied by the Clean Technology Fund according to a statement the EBRD released to reporters in Kiev. The bank “remains committed to the development of the renewable energy sector in Ukraine,” said Andre Kuusvek in the statement. He further pointed out that the bank has already invested €1.3 billion in various sustainable energy projects throughout the Ukraine.