AVELLUM acted as the Ukrainian legal counsel to DTEK Renewables on a debut EUR325 million 5-year 8.50% green Eurobond offering.
This offering was structured as the issue of senior notes by DTEK Renewables Finance B.V. guaranteed by its parent DTEK Renewables B.V. as well as by SOLAR FARM-3 LLC and ORLOVKA WEP LLC, which are both subsidiaries of DTEK Renewables B.V.
DTEK Renewables is the first Ukrainian company to issue specialised securities for the development of renewable energy, which is a new tool for Ukrainian companies to attract investment for the development of the Ukrainian renewable energy sector. The use of green Eurobonds provides an attractive and highly effective financial mechanism to support Ukraine's transition to a more balanced energy system with lower CO2 emissions.
DTEK Renewables will use the proceeds, among other things, to finance and/or refinance its existing wind power and solar power projects as well as to finance the development of green projects which are aimed at increasing the production, connection and distribution of renewable energy and related infrastructure.
“Supporting DTEK’s ideas about homegrown clean energy, we were enthusiastic to contribute to this truly remarkable transaction. Working on this issue further diversifies our portfolio of renewable energy and corporate finance transactions and cements our position as a leader in these fields,” commented Glib Bondar, senior partner at AVELLUM.
DTEK Renewables is the largest producer of electricity generated from renewables in Ukraine, which reaches 1 GW of renewable energy installed capacity.
AVELLUM team was led by senior partner Glib Bondar with support from associates Anastasiya Voronova, Oleg Krainskyi, Orest Franchuk, Dmytro Symbiryov, Anna Mykhalova, and Mariana Veremchuk.