Sayenko Kharenko advises on EUR 30 million loan for Ukrainian universities

Sayenko Kharenko advises on EUR 30
million loan for Ukrainian universities

Sayenko Kharenko has acted
as legal counsel to the Nordic Environment Finance
Corporation (NEFCO) in relation to a EUR 30 million loan to Ukraine intended
to boost energy efficiency programs at Ukrainian universities.pdf 2018.01.24_sk_news_nefco

For NEFCO
this is the first loan in Ukraine involving the sovereign and, given the significant amount involved, it has been partially
guaranteed by the Swedish International Development Cooperation Agency (Sida).

The total value of the project is
estimated at EUR 160 million and it will be co-financed by the European
Investment Bank (acting as lead financier under the “Higher education of
Ukraine” project approved by the
Cabinet of Ministers of Ukraine), as well as through grant from the Eastern Europe Energy Efficiency
and Environment Partnership (E5P).

The project aims to improve Ukrainian
universities energy efficiency as well as teaching conditions. The first phase
will involve seven universities in Chernihiv, Kharkiv, Kyiv, Lviv, Poltava, Sumy and Vinnytsia,
where work is scheduled to start in 2018. The second phase of the project may
include other universities and will be completed by the end of 2022.

Partner Nazar Chernyavsky commented: “Energy
efficiency is key to Ukraine's sustainable growth. Making our universities better
means investing in our young people and the future of our country. I am proud
that our firm is part of this prominent project, which helps us to create a
better Ukraine and improve our chances to secure an important role in the
European economic and cultural landscape.”

NEFCO currently manages
over 150 projects in Ukraine. Sayenko Kharenko has been advising NEFCO on over 100
Ukraine-related projects since 2009.

Sayenko Kharenko’s team
advising on the project was led by Nazar Chernyavsky and included senior
associate Marta Lozenko and junior associate Oles
Trachuk.pdf 2018.01.24_sk_news_nefco

More from Sayenko Kharenko