The European Bank for Reconstruction and Development is providing the Ukrainian #vegetable #oil #producer #Kernel with USD 56 #million in #financing for the #construction of four #biomass power #plants in Ukraine. The #project will be co-financed by the Clean Technology Fund. The #investment should contribute to #reducing #CO2 #emissions and carbon intensity in the Ukrainian #energy sector.
Visit our website if you are interested in #doing business in Ukraine or looking for new #investment opportunities
The Ukrainian agricultural holding Kernel has received funding from the European Bank for Reconstruction and Development (EBRD) for the modernization of its production facilities, as reported in the EBRD’s press release of 25 February 2019. In particular, funding shall be used for the construction and operation of four biomass power plants of the company in the Kharkiv, Mykolaiv, Odessa and Poltava regions.
The funding consists of an EBRD loan of USD 48 million and a loan of USD 8 million granted by the Clean Technology Fund (CTF).
As a sunflower oil producer, Kernel annually produces hundreds of thousands of tons of sunflower husks, which now shall be used in the biomass power plants. The biomass power plants are expected to produce a total of 338.5 thousand MWh of electricity per year from about 228 thousand tons of sunflower husk.
As in Ukraine the EBRD primarily invests in energy reform and energy independence, the Bank’s investment in the Kernel’s biomass power plants construction should also contribute to reducing CO2 emissions and carbon intensity in the Ukrainian energy sector. Moreover, Kernel will support educational programs for young people from rural areas.
Kernel is a Ukrainian stock-listed company and market leader in agricultural products and sunflower oil production. Founded in 1995 and headquartered in Kyiv, Kernel is one of the world’s leading producers and exporters of grain, sunflower oil and flour. The vertical integration of the company is based on its closely related business activities: sunflower oil production, export and domestic sales; high-tech crop production; grain export; provision of other services such as storage and handling of grain at elevators and port terminals.