ET Solar and Sunelectra Global Commissioned 4.2 MW PV Projects in Ukraine Financed by EBRD

MUNICH, Germany, Sept. 27, 2013 /PRNewswire/ -- ET Solar Group Corp. ("ET Solar"), a leading solar one-stop solution provider today announces that it has completed construction of a 4.2 MW PV power plant in Odessa, Ukraine. The power plant was financed through a 3.9 million euro long-term loan from the European Bank for Reconstruction and Development ("EBRD") and a parallel loan of 1.5 million euros from the Clean Technology Fund.  

The project, which is one of the largest operational solar power plants in the region, covers 7 hectares and uses more than 17,000 solar modules made by ET Solar. ET Solutions AG ("ET Solutions"), a wholly owned subsidiary of ET Solar Group, provided EPC and operations & maintenance services.

ET Solutions implemented the project in partnership with Sunelectra Global, an international company active in emerging renewable energy markets in the Middle East and the CIS region. Sunelectra Global began development of the Teplodar project in 2011 and provided significant local commercial and technical expertise throughout the project life cycle.         

Mr. Dennis She, President and CEO of ET Solar, commented: "Closing of the long-term project financing agreement with EBRD and the successful completion of the power plant was a result of seamless coordination between EBRD, Sunelectra Global and our Munich EPC team. It further demonstrates that our German EPC team is transforming itself into a global EPC service provider with comprehensive expertise, proven track-record of successful project execution and strong bankability."

Sevki Acuner, EBRD Country Director for Ukraine said: "The EBRD has already invested over 1.7 billion euros in sustainable energy projects in Ukraine and it remains committed to the development of the renewable energy sector in this country. Our new investment into renewable power generation in Odessa region is an important example of our continued commitment in this sector, especially given the importance of power supply diversification for Ukraine."

Mr. Peter Rozenkrants, CEO of Sunelectra Global, added: "Our team is very proud to have facilitated a successful collaboration with ET Solar and EBRD, which are both top-tier global renewable energy players. Our success in leading such critical tasks as closing of the EBRD debt financing, permitting activities, providing technical advisory and performing local project management demonstrates the experience and effectiveness of our team. As we continue to expand into new markets, we look forward to further cooperation with EBRD and ET Solar."

About ET Solar & ET Solutions AG

ET Solar is one of the globally leading solar one-stop solution providers. ET Solutions, the full subsidiary of ET Solar, is a leading turnkey EPC service provider for solar power plants with over 200 MW project development and EPC experience. To learn more about ET Solar & ET Solutions, please visit us at http://www.etsolar.com

About EBRD

The EBRD is the largest financial investor in Ukraine. As of 1 August 2013 the Bank had committed over 8.55 billion euros (US$ 11.4 billion) through 327 projects in Ukraine.

About CTF

The CTF was established in 2008 to support middle-income countries with their adoption of renewable and energy efficiency technologies that have high potential to minimize long-term greenhouse gas emissions. The fund already finances programmes in 15 countries and one region, and is the largest multilateral climate-finance instrument in operation.

About Sunelectra Global

Sunelectra Global is an international renewable energy company with deep expertise across the full cycle of PV solar project implementation, including permitting, engineering, project financing, procurement, construction management as well as operating and maintenance services. With over 30 MW of implemented PV projects, Sunelectra Global is focused on the emerging renewable energy markets including Ukraine, Russia and Central Asian countries.