KIEV, April 25 – The European Bank for Reconstruction and Development has arranged a financial package of EUR 5.4 million for Kiev-based Rengó Development to build a five-megawatt solar power plant in Vinnytsia region operated by Rengó Tomashpol.

The financial package consists of a six-year loan of EUR 3.8 million from the EBRD, and a ten-year loan of EUR 1.8 million from the Clean Technology Fund.

The project is a part of the EBRD Ukraine Sustainable Energy Lending Facility, an investment facility of EUR 70 million (EUR 50 million from the EBRD and EUR 20 million from the CTF) designed to provide finance to private local enterprises wishing to invest in renewable energy projects in Ukraine. Technical assistance on projects preparation, regulatory framework development and strategic environmental review is funded by the Global Environmental Facility.