Asters acted as a legal counsel to the European Bank for Reconstruction and Development (EBRD) in connection with financing arranged by EBRD for Eco-Optima to finance construction of a 12.5 megawatt wind power plant in Starosambirskyi district of Lviv region.
Transaction documents were signed in Kiev on 25 April 2012. Financing will include a EUR 9.5 million 10-year loan from EBRD and a EUR 3.8 million 15-year loan from the Clean Technology Fund.
The project is expected to improve the quality and reliability of power supply in the region and will be able to power more than 10 000 households. The launch of the power plant, which is expected by the end of 2012, will also allow to reduce carbon emissions by about 26 000 tons a year.
This is the first project to receive funding under Ukraine Sustainable Energy Lending Facility (USELF), a EUR 50 million investment facility established by the EBRD for fostering renewable energy projects in Ukraine. Private Ukrainian companies can apply for loans starting from EUR 1 million and will benefit from technical assistance and advice funded by the Global Environment Facility. Clean Technology Fund is contributing additional EUR 20 million to USELF.
Asters' team working on this project consisted of partner Iryna Pokanay and associates Gabriel Aslanian, Oksana Muntyan and Viktoria Zagreba. Work on the project allowed the firm's team to demonstrate its recognized skill in advising on complex financing transactions and to further expand the firm's expertise in emission-reduction and alternative energy-related projects.