VR Capital invests 75 million Euros in "green" energy in Ukraine

VR Capital invests 75 million Euros in

On Thursday, March 25, the Antimonopoly Committee of Ukraine approved the applications provided by the British company Elementum (Ukraine) II Limited, which is a part of VR Capital Group, on acquiring 100% share of three wind power plants (WPP) in Odessa region - Artsizskaya WPP LLC, Artsizskaya WPP 2 LLC and Kiliyskiy WPP LLC.

On March 31, three transactions of purchase and sale for these companies' corporate rights were conducted in Odessa. The design capacity of each power plant is 16.5 MW; the total capacity is 49.5 MW. The cumulative amount of the proposed investments in the projects will be 75 million Euros.

The following development works were carried out by Metropoliya Group of Companies: the selection of wind power plants location, development and approval of the detailed plans of the territories, projects of land allocation, obtaining urban conditions, undergoing the procedure on environmental impact assessment of the project, developing a Feasibility Study of power delivery schemes, obtaining specifications and contracts for WPP connection to the Ukrainian grid, development of the "D" stage for the WPP projects, undergoing the project expertise, signing preliminary contracts of purchase and sale of electricity with the Guaranteed buyer.

The Corporate Investment Fund (CIF) owned by Mr. Viktor Kurtiev, the owner of Metropoliya Group of Companies, sold 68.61% of the stake in the projects. The Sellers of the 31.39% stake were Mr. Yuri Kostrobii and Mrs. Oksana Kozachok, who in 2020 provided interim financing for the projects at the development stage.

Upon the sale of the three WPPs, Metropoliya Group of Companies is going to continue providing technical support for the projects during their construction until they are put into commercial operation in 2022.

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VR Capital Group was founded in 1999 by the former Renaissance Capital partner Mr. Richard Deitz. His offices are located in London, New York, Moscow and Buenos Aires. Since 2018, VR Capital Group has partnered with ICU on a number of solar energy projects in Ukraine and currently owns solar power plants with a combined capacity of 538 MW. VR Capital Group manages $5 billion funds.