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Akhmetov's DTEK to raise $103 million from Germany to build second stage of Prymorsk wind plant

Akhmetov's DTEK to raise $103 million from Germany to build second stage of Prymorsk wind plant

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DTEK Renewables (DTEK RES), Ukraine's largest energy holding company with assets in coal mining, generation and distribution of electricity, alternative energy and natural gas, which belongs to Ukrainian oligarch Rinat Akhmetov, will attract $102,6 million from Germany’s commercial banks to construct the second stage of Prymorsk wind power plant in Zaporizhia region, as Interfax-Ukraine reported referring to Philipp Leckebusch, the company’s CEO.
"This project is financed by two loans of German commercial banks for a total of 180 million EUR. This will be one of the largest commercial loans in Ukraine in recent years," he said during the official opening of the first stage of the station.

Earlier, the company announced raising of 102,6 million USD to build the first stage of Prymorsk wind power plant with a capacity of 100 MW.
According to the expert, the general investment for the construction of Prymorsk wind power plant with an installed capacity of 200 MW would be $342 million.

“The average annual electricity supply is expected to be 700 million kWh,” the news agency reads.
Two stages of Prymorsk wind power plant will be ended until 2020.
“26 wind turbines with a capacity of 3.8 MW produced by General Electric will be installed as part of the construction of the first stage,” the message says.

Today, DTEK owns 15% of all distribution electric networks (120 thousand km), and with the purchase of two more regional energy suppliers (oblenergos), it will get 25% of all retail networks (208 thousand km). And after the absorption of the remaining five oblenergos, 42% of all Ukrainian retail electric networks will be gained (344 thousand km).
Today, DTEK’s oblenergos control the transmission and sale of 37% of all Ukraine's electricity. After buying two more oblenergos, this share rises to 48%. After the acquisition of another 5 regional power companies, DTEK will control 57% of all electricity transmission and distribution. This is an unprecedented situation, when one oligarch owns such a number of networks that are part of the critical infrastructure.
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