This project was the first investment from the Canadian side under the Canada-Ukraine Free Trade Agreement (CUFTA) in Ukraine, which took effect in August 2017. Construction of the site, which is located on the territory of the Nikopol FerroAlloy Plant, began in late May and the total amount of the investment is 10.5 million Euros.
Michael Yurkovich, President of Refraction Asset Manangement, the parent company for TIU Canada, said, “We are excited about the investment opportunities in Ukraine, and TIU Canada is proud to be a pioneer in the Ukrainian renewable energy market”. In addition, Chief Operations Officer Hani Tabsh noted, “The launch of this solar energy plant is good for the residents of Nikopol, good for investment in Ukraine and good for trade with Canada. The facility will provide safe and clean electricity for the people and businesses in the city.”
Speaking at the ribbon cutting ceremony at the site of the solar plant, the Ambassador of Canada to Ukraine, Roman Waschuk, said, “This is an important example of how the Canada-Ukraine Free Trade Agreement deepens commercial and investment relationships. The Embassy has been pleased to support TIU Canada's important work in Ukraine, and we look forward to facilitating expanded investment from TIU Canada and other investors in 2018. Sustainable energy to help deal with climate change is a priority for Canada as the chair this year of the G7 nations. Here we see real Canadian backed climate action for Ukraine and the world”.
Andriy Fisak, the Mayor of Nikopol, also spoke at the opening saying, “I want to thank our Canadian investors, for the important thing that they have done – first big investment project in Nikopol. I am confident that this is a big plus for the city, because we demonstrate the investment attractiveness of the city. Another important aspect, is that we are receiving payments for the city's budget, and creating new jobs.”
The First Deputy Governor of Dnipropetrovsk Oblast Council Oleg Kuzhman noted that TIU's facility “is the largest solar energy plant in the region”. Konstantin Gura, representing the State Agency for Energy Efficiency and Energy Savings of Ukraine stated, “This project is fully funded by Canadian investors and that demonstrates the effectiveness of the green energy stimulation mechanism which currently exists in Ukraine. This mechanism ensures that feed-in tariffs are fixed in Euros until 2030, and starting from last year, the opportunity to sign long term power purchase agreements valid through 2030 have been introduced.”
The station consists of 32,304 solar panels, with 392 inverters installed to manage the power output. More than 105 kilometers of cables were used during the station's construction, and the area used for the station totals 15 hectares. The amount of carbon dioxide (CO2) eliminated in comparison with coal fueled power stations, is 12,738 tons per year. Thus, this renewable energy project will provide clean electricity to residents and businesses in the Nikopol area. Drone footage of the site location is available here. TIU Canada is owned by Refraction Asset Management, based in Calgary, Alberta.
