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Eversheds Sutherland advises AlGihaz on co-investment in 250MW Ukrainian onshore wind project

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    Eversheds Sutherland has advised Saudi Arabian conglomerate AlGihaz on its co-investment in Syvash wind farm, a 250MW onshore project in Ukraine, the first international financial close ever achieved for a wind farm of such scale in the country.

    Currently under construction, Syvash will consist of 63 wind turbines on 1,300 hectares in the southern Kherson region of Ukraine. The project has been developed by Oslo-based wind power developer NBT and Paris-based Total Eren, a leading renewable energy Independent Power Producer.

    Eversheds Sutherland advised AlGihaz on its stake in the project alongside Total Eren, the Saudi Holding’s debut investment in Ukraine. 

    The €107.6m financing agreement for the second phase was signed with a syndicate of development banks including Proparco, BSTDB, Finnfund, IFU and NEFCO. The financing for the whole project has reached €262.6m and at full capacity Syvash represents a €380m total investment.

    The Eversheds Sutherland team was led by corporate Partner Iwan Walters, with support from corporate Associates Eliza Grant and Ramzi Noursi.

    Iwan Walters commented:

    “We’re delighted to have helped AlGihaz secure its stake in the largest wind project in Ukraine, in partnership with Total Eren and NBT. This is a notable investment for AlGihaz, its first in a country which is attracting growing investor interest. We will watch with interest as the project continues to develop and look forward to providing further support in the future.”

    Sami Alangari, Vice Chairman & CEO of AlGihaz, added:

    “AlGihaz is very pleased to enter the Syvash project which has been very carefully developed by Total Eren and NBT. We look forward to collaborating with our partners on this huge-scale project, which represents the first investment for AlGihaz in Ukraine.” 

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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