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London-based VR Capital's Elementum Energy has started commercial operation of its €59mn, 40MW wind energy Dnistrovska wind park, on the Dnister estuary in Odesa region. The 4MW GE turbines are the largest in operation in Ukraine today. Each of the 10 towers rises 131 meters high, about four stories short of Kyiv’s Parus Business centre. Elementum Energy and American developer Ukraine Power Resources are building a second, 60 MW phase of Dnistrovska, which is to be commissioned one year from now. Richard Deitz, President of VR Capital Group Ltd, said: “Despite the ongoing challenges in the renewable energy industry in Ukraine, we believe that these growing pains will be successfully managed. Green energy is destined to play a growing role in the Ukrainian energy sector.”
DTEK officially launched Ukraine’s first industrial lithium-ion energy storage system yesterday, a pioneering entry into what is to be abn dollar business in Ukraine during this decade. Maksym Tymchenko, DTEK’s CEO, said of the 1 MW battery in Zaporizhia: “This is first step toward building a new reliable, flexible energy system in Ukraine. We open door to other actors who will invest more in energy storage systems.” Storage helps power distribution companies balance the peaks and lows of electricity generated from solar and wind plants.
Ukrenergo lost $1bn last year, a sharp turnaround from nearly $70mn profit in 2019. The state company says its core activity – power transmission -- is profitable. But losses come from subsidizing electricity to low income households and from national rates that do not cover elevated ‘green tariffs’ due solar and wind producers.
Lithuania’s Modus Energy International has started arbitration against Ukraine, claiming €11.5mn in damages for last summer’s retroactive cutting of green tariffs. The company owns the Bolokhivsky solar parks in Zhytomyr.
Norway’s Scatec has announced a default in a loan agreement due to delays in payments by Ukrenergo’s Guaranteed Buyer unit and changes to power purchasing agreements, reports EnergoReforma. Scatec has four operating solar plants in Ukraine and a $111.4mn outstanding loan. According to the company’s Q1 report, Scatec has in Ukraine: a 73% interest in a 133 MW solar plants, full ownership of a 203 MW plant under construction; and 65% interest in 65 MW ‘in backlog.’
9.2.11 Metallurgy & mining corporate news
● Metinvest
Ukraine’s largest steel producer Metinvest percentage obtained permission from the Antimonopoly Committee of Ukraine (AMCU) to acquire the PP&E assets of Dniprovskyy Steel, a Ukrainian steel plant, according to a May 20 release by the AMCU. Two entities have so far applied for AMCU permission to acquire Dniprovskyy Steel’s PP&E assets, the release said. Participation in the auction for assets does not require prior permission from the AMCU, and the future buyer of the assets might apply for AMCU permission within 30 days after winning the auction, according to the release. Recall, in February Metinvest said it had not decided whether it will participate
73 UKRAINE Country Report XXXX 2018 www.intellinews.com