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Largest FDI project executed in Ukraine in 2020 begins commercial operations

UK based independent power producer Elementum Energy, subsidiary of VR Global Partners, a 4.5 billion US dollars global investment fund, has commenced operations of its 40 megawatts (MW) Dnistrovska wind park in Ukraine.

Having achieved mechanical completion in December 2020, the power plant has now passed all necessary tests and protocols to enter into production. The project was realised together with the American-founded renewable energy developer, Ukraine Power Resources.

Dnistrovska WP sits on a plateau that rises above the Dnistrovskiy estuary in Ukraine’s Odessa region and benefits from an excellent wind resource. The project’s wind turbines are the largest capacity machines installed in Ukraine to date. With an investment of 59 million euro, the wind farm is one of the largest FDI projects executed in Ukraine in 2020.

Elementum Energy and Ukraine Power Resources are currently in the process of constructing a second, 60 MW phase of Dnistrovska WP which is anticipated to be commissioned in the first quarter of 2022.

“We are excited to welcome the first wind park to Elementum Energy’s portfolio of renewable energy assets in Ukraine and look forward to the implementation of the second 60 MW phase of the project,” commented Richard Deitz, Chairman of Elementum Energy’s Board of Directors and President of VR Capital Group. “It is a tribute to the professionalism of our employees and partners that, in the midst of the global pandemic, we managed to complete Dnistrovska WP on time and on budget. We are thankful to everyone that helped us achieve this milestone. Despite the ongoing challenges in the renewable energy industry in Ukraine, we believe that these growing pains will be successfully managed. Green energy is destined to play a growing role in the Ukrainian energy sector. Ukraine has a tremendous opportunity in the medium term to transform its role in Europe’s energy value chain in line with the European Green Deal principles, and we are committed to supporting this future as a leading foreign investor in the country.”

“Ukraine has an extraordinary land resource which is compatible with large scale renewable energy,” added Peter A. Gish, Founder and CEO of Ukraine Power Resources. “We look forward to building our next wind project and helping Ukraine in the battle against Climate Change.”

During its operating life, Dnistrovska WP is expected to generate 146 gigawatt-hours (GWh) of electricity per year and avoid annual carbon dioxide (CO2) emissions of 108,000 tons.

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