The developers signed a €155 million financing agreement with creditors at a special meeting of Ukraine’s National Investment Council at the World Economic Forum (WEF) summit in Davos, Switzerland.
Initial loans will cover construction of the 133MW first phase, which is due to start in "a few weeks" Norwegian developer NBT and French independent power producer Toral Eren stated.
Syvash, based in the southern region of Kherson, will eventually consist of 64 turbines and provide power to state utility Energorynok.
It will be built by Chinese power plant construction company PowerChina and use Nordex turbines.
The initial financing package consist of a €75 million loan from the European Bank for Reconstruction and Development (EBRD), B-Loans of up to €75 million provided jointly by Green For Growth Fund and the Netherlands Development Finance Company, €5 million loan from Nordic Environment Finance Corporation.
"The 250MW Syvash wind farm is just the start of our plans to invest a considerable amount of capital in our large pipeline of wind projects in Ukraine over the next two to three years," NBT’s CEO Joar Viken said.
"With improved business climate in Ukraine and success of this international project financing, we envision that private commercial institutions and international investors will see the benefits of investing in Ukraine."
Ukraine has 596MW of operational wind power capacity, according to Windpower Intelligence, the research and data division of Windpower Monthly.