20 June 2012

Sayenko Kharenko advised on the largest solar project in Europe

Sayenko Kharenko acted as a Ukrainian legal counsel to VTB Capital on a Euro 175 million project financing of an up to 100MW solar power plant in the Crimea region of Ukraine, constructed by Activ Solar, a global solar energy company. The loan was secured with pledges and mortgages over plants, equipment, bank accounts, and other assets of the project companies.

The solar power plant is the largest solar project in Europe and will double Ukraine’s solar capacity. Activ Solar believes that at full power the plant will provide enough electricity to cater for the peak-load requirements of Crimea’s capital city Simferopol of over 26 thousand households.

VTB Capital is a part of VTB international financial group with over 30 banks and financial companies in 19 countries in the CIS, Europe, Asia, and Africa.

Activ Solar, a Vienna-based company focused on developing and manufacturing solar based technology, finances and carries out large-scale solar energy projects combining its industry expertise, strategic partnerships with cutting edge technology.

Norton Rose LLP acted as a legal advisor to VTB Capital on English law issues.

Sayenko Kharenko team for the current transaction included counsel Konstantin Gribov, who provided legal advice on energy regulatory issues, senior associate Olexander Olshansky, associates Olena Pidgorna, Kateryna Zhebanova and Orest Matviychuk, and was led by partner Nazar Chernyavsky.


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