Ukrainian energy company DTEK Renewables has closed a €90mn export credit agency-backed financing package for the second phase of construction of the Primorskaya Wind Electric Plant in Zaporizhia, Ukraine.

The deal is being financed by a German banking consortium led by Bayerische Landesbank and joined by KfW Ipex-Bank and Oddo BHF, which will provide senior debt for the project. The loan has a 10-year tenor.

German ECA Euler Hermes is providing export credit insurance for the senior debt, while Spanish ECA Cesce will provide reinsurance to Euler Hermes for approximately one-third of the financing.

General Electric’s (GE) Global Capital Advisory business facilitated the deal by connecting DTEK Renewables to the ECAs and the banking consortium. GE is also providing the turbines for the project, known as the Primorsk wind farm.

The insurance from the German and Spanish ECA will support key turbine components that will be made in both countries. The nacelle (housing for the engine) will be built at the GE facility in Germany, with the blades and towers manufactured by GE in Spain.

This is the second and final phase of DTEK’s process to build a 200MW wind farm in Ukraine. Each phase has a capacity of 100MW. To-date, 26 wind turbines for phase one have been commissioned and are already generating electricity.

Once complete, the wind farm will be equipped with 52 GE 3.8-130/137-110HH wind turbines, one the most powerful GE onshore turbines, and is expected to generate enough electrical energy to power the equivalent of roughly 350,000 homes in Ukraine.

Commercial operations of phase two are expected to complete by the end of Q3 2019. The project will ultimately assist Ukraine in meeting its target of generating 11% of its electricity from renewable sources by 2020.

Guto Davies, managing director and global ECA advisory and execution leader at GE Capital, says: “Reaching financial close ensures the completion of the project and illustrates the confidence of European financial institutions to invest in key renewable projects in emerging markets.”