12 May 2021, 13:11

Asters advises Elementum Energy and Ukraine Power Resources on the construction of the first phase of Dnistrovska wind park


Asters acted as a legal counsel in connection with the construction of Dnistrovska wind park in Odesa region of Ukraine. The first 40 MW phase of Dnistrovska wind park commenced its commercial operation on 6 May 2021. The project is owned by Elementum Energy, VR Capital’s renewable energy subsidiary, and Ukraine Power Resources, a US renewable energy projects developer.

Asters team advised Elementum Energy and Ukraine Power Resources on development, project structuring, land, construction issues of the wind park, drafted and negotiated EPC agreements. Asters' project team included Partner Yaroslav Petrov, Counsel Anzhelika Livitska, Senior Associate Marta Halabala and Associate Olena Sichkovska-Chornobyl.

Asters also advised Elementum Energy on acquisition of the majority stake in the Dnistrovska wind park. Asters' project team included Counsel Olena Radko and Senior Associate Maksym Tereshchuk.

With capacity of 4.0 MW each, the project's wind turbines are the most powerful wind turbines installed on a fully-commissioned in Ukraine to date. Elementum Energy and Ukraine Power Resources invested  approximately EUR 59 million into the project, which makes the wind farm one of the largest FDI projects executed in Ukraine in 2020. During its operating life, Dnistrovska WP is expected to generate 146 GWh of electricity per year and avoid annual CO2 emissions of 108,000 tons. Elementum Energy and Ukraine Power Resources are currently in the process of constructing the second 60 MW phase of Dnistrovska WP which is anticipated to be commissioned in Q2 of 2022.

Elementum Energy Ltd. is a UK based independent power producer focused on development and operation of renewable energy assets in Central and Eastern Europe. Elementum Energy is a subsidiary of VR Global Partners, L.P., a $4.5 billion global investment fund that is VR Capital’s flagship investment vehicle.

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 an affiliate of First Summit Energy, which Mr. Gish founded in 2017 to develop renewable energy projects in emerging markets with positive growth dynamics.


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