Wind Power, the part of the operating company DTEK RES (DTEK Renewables), which manages assets in the sector of alternative energy, has entered into an agreement with the lender to change the terms of financing under the guarantee of the parent company DTEK Renewables B.V. Between 2012 and 2014, Wind Power received two loans from LandesBank Berlin AG (Germany) in the amount of 245 million euros for the construction of the Botievo wind farm with risk coverage by export credit agencies (ECA) EKF, Euler Hermes, KUKE S.A. and private reinsurers. The new agreement consolidated the cancellation of guarantees and guarantees provided by other operating companies of the DTEK Group, and brought DTEK RES to independent financing.
During the year Wind Power negotiated with the lender LandesBank Berlin AG and a pool of companies that provided insurance coverage in order to secure the transition of DTEK's alternative energy business to financing on the principles of independence and autonomy. Negotiations have been successful, and the deal was finalized at the end of May 2016 after all the conditions required for its entry into force were met. The transaction provides for the withdrawal of guarantees and guarantees of other operating companies of the DTEK Group, as well as changes in the main terms of the agreement in accordance with the global practice adopted for this type of financing. Currently, Wind Power's creditors assume all the risks inherent in DTEK's wind energy business.
“Wind Power is a reliable borrower and builds its relationships with creditors in accordance with the principles of openness and transparency. This is a platform for a successful dialogue today and the basis for the development of our future projects, - said the director of the company, Victoria Syromiatova. “The agreement on the transition to financing under the guarantee of the parent company DTEK RES (DTEK Renewables) indicates a high level of trust in the team, the creditors’ faith not only in the company’s stability, but also in the prospects for the development of Ukrainian renewable energy industry as a whole.”
