Early Warning System

Regions

Europe and Central Asia

Geographic location where the impacts of the investment may be experienced.

Countries

Ukraine

Geographic location where the impacts of the investment may be experienced.

Specific Location

Lymanskyi district, Odesa region

Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.

Financial Institutions

US International Development Finance Corporation (DFC)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Borrower

Limanska Vitroelektrostantsiia LLC

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Energy
Technical Cooperation

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Guarantee

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 0.75 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Project Cost (USD)

$ 1.50 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Bank Documents

Project Disclosure [Original Source]

Media Documents

Primary Source

Original disclosure @ DFC website

Updated in EWS Jun 21, 2024

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Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the DFC, the Limanska Wind Farm Technical Assistance (“TA”) consists of the development, construction, and operation of a 159 MW wind power farm, with turbines located on 21 plots of land in Ukraine’s Odesa region near the Black Sea coast. The TA is expected to generate 527 GWh of electricity per year.
The Project sites are located approximately 35 kilometers northeast of the City of Odesa, in the southwestern part of Ukraine. TA support for the Project aligns with DFC’s Roadmap for Impact priority of expanding access to competitive, sustainable, and reliable electricity and promoting energy security and diversification.
In addition, the TA will help DFC meet its Climate Action Facility goal of committing at least $50 million in TA funding over five years to support the identification, design, and implementation of DFC’s climate portfolio.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

People Affected By This Project

People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

US International Development Finance Corporation (DFC)

Private Actor Relationship

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Private Actors Description

As stated by Power Technology, Elementum Energy Ltd (Elementum Energy), a subsidiary of VR Global Partners LP, is a renewable energy company. It develops, builds, owns and operates large-scale renewable energy projects that offers clean and green energy for its end clients. Elementum Energy offers reliable clean energy via sustainable and renewable sources. The company also developing solar plants. It expands its operations in generation of renewable wind energy for its customers. Elementum energy is headquartered in Kyiv, Kiev, Ukraine.

As stated on the company's website, Ukraine Power Resources is the latest in a series of renewable energy companies founded or co-founded by Peter A. Gish, which have successfully developed over 2.4 GWs of wind power capacity in seven countries. UPR is a US company and an affiliate of First Summit Energy, which Mr. Gish founded in 2017 to develop renewable energy projects in emerging markets with positive growth dynamics.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
Ukraine Power Resources	Client	Energy	contracts with	Elementum Energy Limited	Client	Energy

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Clients -

Ukraine Power Resources:

Website: https://ukrainepowerresources.com/project-contact-us/

Elementum Energy Limited:

Address: 75 Zhylianska Street, Kyiv, 01032, Ukraine
Email: office@elementumenergy.com
Website: https://www.elementumenergy.com/

ACCESS TO INFORMATION

Unlike many other development finance institutions, DFC does not currently have an access to information policy.

Under the United States Freedom of Information Act (FOIA), DFC is obliged to respond to reasonably formulated requests for Agency records. However, DFC may apply exemptions from release to certain types of information and may charge fees in responding to requests. DFC has a designated FOIA officer who is trained in how to respond to requests and implement the law. You can learn more about filing a FOIA request at: https://www.dfc.gov/foia

ACCOUNTABILITY MECHANISM OF THE UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE CORPORATION (DFC)

The Office of Accountability is an independent office that addresses complaints about environmental or social issues related to DFC-supported projects. The office provides communities an opportunity to have concerns independently reviewed and addressed. If you submit a complaint to the Office of Accountability, it may assist you by either seeking to address your problems by facilitating a problem solving dialogue between you and those implementing the project and/or investigating whether the DFC complied with its policies to prevent environmental, social, human rights, and labor harms.

You can find more information about the Office of Accountability at: https://www.dfc.gov/who-we-are/office-accountability