ET Solar Group Corp., a solar one-stop solution provider announces on September 27th that it has completed construction of a 4.2 MW PV power plant in Odessa, Ukraine. The power plant was financed through a 3.9 million euro long-term loan from the European Bank for Reconstruction and Development ("EBRD") and a parallel loan of 1.5 million euros from the Clean Technology Fund.
The project, which is one of the largest operational solar power plants in the region, covers 7 hectares and uses more than 17,000 solar modules made by ET Solar. ET Solutions AG, a wholly owned subsidiary of ET Solar Group, provided EPC and operations & maintenance services.
ET Solutions implemented the project in partnership with Sunelectra Global, an international company active in emerging renewable energy markets in the Middle East and the CIS region. Sunelectra Global began development of the Teplodar project in 2011 and provided significant local commercial and technical expertise throughout the project life cycle.
Mr. Dennis She, President and CEO of ET Solar, commented: “Closing of the long-term project financing agreement with EBRD and the successful completion of the power plant was a result of seamless coordination between EBRD, Sunelectra Global and our Munich EPC team. It further demonstrates that our German EPC team is transforming itself into a global EPC service provider with comprehensive expertise, proven track-record of successful project execution and strong bankability.”
Sevki Acuner, EBRD Country Director for Ukraine said: “The EBRD has already invested over 1.7 billion euros in sustainable energy projects in Ukraine and it remains committed to the development of the renewable energy sector in this country. Our new investment into renewable power generation in Odessa region is an important example of our continued commitment in this sector, especially given the importance of power supply diversification for Ukraine.”