Page 72 - UKRRptJun21

9.2.7 TMT corporate news
Ukrposhta has posted on ProZorro a tender for a partner in construction of a $50mn modern sorting centre in Kyiv. This will be the first such construction by the state postal operator in 42 years, Ukrposhta director Igor Smelyansky wrote on Facebook. Ukrposhta is undertaking a decade long logistic renovation program that will involve constructing six major sorting centres and 62 depots. To jumpstart the program, the EBRD is the lead finance partner, lending €63mn and the European Investment Bank is also lending €30mn to Ukrposhta.
With cargo flights also subject to the bans, Ukrposhta plans to deliver mail and parcels to Belarus – about 10,000 a month – by truck. For ground passenger travel, the trip from Kyiv to Minsk, takes 10 hours by train and 12 hours by bus. Partly due to Belarus serving as way station for Russia-Ukraine trade, the country has risen in recent years to become Ukraine’s third or fourth largest trading partner country.
9.1.10 Renewables corporate news
Ukraine’s leading producer of green energy DTEK Renewables percentage generated €254.5mn of net revenue in 2020, according to its May 27 report and presentation.
This is a 57% increase y/y in €terms. The key growth driver was a 71% y/y increase in power generation, caused by capacity additions. Meanwhile, its average achieved electricity price decreased 8% y/y due to the revision of green tariffs in Ukraine in 2H20.
The company’s EBITDA increased 64% y/y to €231.6mn and free cash flow turned to a positive amount of €104.9mn in 2020 (from negative €168.3mn in 2019, which was a result of large CapEx in the period). DTEK Renewables’ debt decreased 9% y/y to €685.0mn as of end-2020.
The company accumulated €146mn equivalent of receivables from the state market operator Guaranteed Buyer as of end-2020, of which €37mn were receivables for November-December 2020 (fully repaid in 2021) and €109mn were receivables for April-July 2020 (of which 28% has been repaid in 2021 year-to-date). According to the company, the level of settlement for electricity purchased by Guaranteed Buyer is close to 90% in 2021.
The company also reported that it will construct a new wind power plant, Tiligulska, with capacity of 500 MW, by 3Q22.
DTEK’s Tiligulska wind power project, with a capacity of 126 MW, is under construction this summer and should produce power next year, DTEK reports. Located in southwest Mykolaiv, the project is largely financed with money from a green Eurobond that DTEK issued in the fall of 2019. If the government catches up with overdue payments to wind and solar producers, DTEK could proceed with plans to increase the Tiligulska plant 4.5 times, to 564 MW, for a total of $640mn, Maris Kunickis, CEO of DTEK Renewables, said in March 2021.
72 UKRAINE Country Report XXXX 2018 www.intellinews.com