LongWing closes on Zaporizhia wind phase 1 financing

LongWing Energy, GE Energy Financial Services (GE EFS) and VLC Renewables (a Jersey-based fund established by Vitol and Low Carbon) have reached financial close on a $150 million debt package for the 98MW first phase of the planned 500MW Zaporizhia Wind project in Ukraine. GE EFS, as a minority equity investor, arranged the deal with OPIC as debt provider and JP Morgan as hedge provider. 

The project is expected to achieve commercial operations in 2020 and is backed by 10-year fixed rate power purchase agreement (PPA) with state-owned Energorynok.