KNESS Group to open three solar plants with total capacity of 33.9 MW
The EBRD is contributing to Ukraine’s energy security by pledging new funds for the development of alternative power generation. The latest project under the Ukraine Sustainable Energy Lending Facility (USELF) will support the development, construction and operation of three solar plants in the Vinnitsa region of western Ukraine.
The financing of up to €25.9 million for Ukraine’s leading engineering, procurement and construction (EPC) firm KNESS Group provided by the Bank will consist of:
- A senior EBRD 10-year loan of up to 18.5 million
- A 10-year loan from the Clean Technology Fund (CTF) of up to €7.4 million
The solar project has benefited from technical assistance by the EU4Business programme.
Total installed capacity of the three plants will be 33.9 MW. This renewable facility will significantly contribute to the reduction of CO2 emissions (c. 37 500 tons per year). Nearly 350 people will be employed during the construction and approximately 15 during operations.
This project is the 13th project financed under USELF bringing the total renewable capacity supported by the Bank and the CTF to over 150 MW across all type of technologies.
The EBRD is the largest international financial investor in Ukraine. To date, the Bank has made a cumulative commitment of almost €12.1 billion across some 400 projects since the start of its operations in the country in 1993.