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CMS and Integrites Advise EuroCape on Financing of First Phase of 500MW Wind Power Project in Ukraine

CMS and Integrites Advise EuroCape on Financing of First Phase of 500MW Wind Power Project in Ukraine

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CMS and Integrites have advised EuroCape Ukraine I LLC, a subsidiary of independent renewable energy company LongWing Energy SCA on equity and senior debt financing it received for the construction of the Zaporizhia Wind Farm in Ukraine.

The equity investment comes from VLC Renewables, a renewable energy investment fund formed through a partnership between Vitol and Low Carbon, with GE Energy Financial Services making a minority investment.  

The Overseas Private Investment Corporation — the U.S. Government's development finance institution — will also provide senior debt of USD 150 million for the first phase of the wind farm, with JP Morgan as hedge provider.

The financing package will be used to support the first 98 MW phase of the planned 500 MW wind farm. Once completed, the onshore wind farm will be one of the biggest in Europe. According to CMS, "the project is expected to significantly increase the country’s power generation capacity and bolster energy security."

The CMS team was led by Partner Vitaliy Radchenko and included Counsel Natalia Kushniruk, Senior Associate Kateryna Chechulina, and Associate Khrystyna Korpan.

The Integrites team providing Ukrainian counsel included Partners Oleksiy Feliv, Igor Krasovskiy, Illya Tkachuk, and Viktoriya Fomenko, Counsels Serhii Uvarov and Gennadii Roschepii, Senior Associates Olena Savchuk, Inna Kostrytska, and Yuriy Korchev, and Associates Oleh Kotliar and Victoriia Shvydchenko.

Editor's note: After this article was published, CEE Legal Matters learned that Dentons advised VLC Renewables on this deal. The firm's team was led by UK Partner Christopher Thomson and included London-based Partner Mark Cheney and Kyiv-based Partner Adam Mycyk, Kyiv-based Counsel Maksym Sysoiev and Senior Associate Natalia Levchuk, and London-based Associates Paul Scott and Natalie Burns.

Ukraine Knowledge Partner

AVELLUM is a leading Ukrainian full service law firm with a key focus on Finance, Corporate, Dispute Resolution, Tax, and Antitrust.

Our aim is to be the firm of choice for large businesses and financial institutions in respect of their most important and challenging transactions.

We build lasting relationships with our clients and make them feel secure in new uncertain economic and legal realities.

We incorporate the most advanced Western legal techniques and practices into our work. By adding our first-hand knowledge, broad industry experience, and unparalleled level of service we deliver the best results to our clients in their business endeavours. Our partners are taking an active role in every transaction and ensure smooth teamwork.

AVELLUM is recognised as one of the leading law firms in Ukraine by various international and Ukrainian legal editions (Chambers, The Legal500, IFLR1000, The Ukrainian Law Firms, and others).

Firm's website: www.avellum.com


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