CMS advises syndicate of International Finance Institutions on €157m financing for private wind power project
CMS has advised a syndicate of International Finance Institutions (IFIs) including European Bank for Reconstruction and Development, International Finance Corporation and Black Sea Trade and Development Bank, on €157m financing provided to OKKO Group for the construction and operation of a private wind power project that aims to boost Ukraine’s energy security.
The plants have a combined capacity of 147 MW and are expected to generate at least 380 GWh of renewable zero carbon electricity annually, resulting in carbon dioxide emission savings of approximately 245,000 tons per year.
As one of the first greenfield private projects in Ukraine’s power sector since the beginning of Russia’s invasion of Ukraine in 2022, this project forms part of efforts to advance Ukraine’s shift towards renewable energy generation as well as bolster its energy security and energy generation infrastructure.
CMS advised on all aspects of Ukrainian law matters of the transaction, from the complex transaction structuring and due diligence to comprehensive work on finance documents and project agreements from a Ukrainian law perspective, including the bespoke Power Purchase Agreement and associated agreements forming a comprehensive and bankable offtake structure underpinning the project’s financing. The firm's legal support ensured comprehensive assessment and compliance of the deal, facilitating IFIs’ investment in sustainable energy development.
The CMS team was led by Vitaliy Radchenko and included Ihor Olekhov, Kateryna Chechulina, Iryna Barlit, Yaroslav Pavliuk, Ruslan Dotsenko and Liudmyla Stryzhak (Banking & Finance), Natalia Kushniruk, Mykhaylo Soroka and Maksym Morozov (Real Estate), Maryna Ilchuk and Maksym Zhurakovskyi (Energy), and Viktoriia Stavchuk-Mulundkar (Tax).
