Norsk Renewables Renewable Energy Project in Ukraine Achieves Full Debt Repayment to Nefco Three Years Ahead of Schedule
Norsk Renewables, the majority owner of a solar photovoltaic project in Ukraine, together with its equity partners Pro-Energy LLC, Windforce Ltd, and New Horizons Foundation, today announced that the project’s senior debt facility with the Nordic Environment Finance Corporation (Nefco) has been fully and finally repaid, three years ahead of its original contractual maturity.
This milestone marks the conclusion of a project finance structure that has supported the successful development, construction, and multi-year operation of a solar energy facility contributing clean power to the Ukrainian grid. It stands as a testament to the resilience, financial discipline, and enduring commitment of all partners involved.
A Partnership Built on Shared Purpose
The project was developed and financed through a collaboration between four equity partners led by the main sponsor Norsk Renewables AS in close partnership with Pro-Energy LLC, Windforce Ltd and New Horizons Foundation. NEFCO provided senior project finance debt to support the facility’s construction and commissioning, enabling it to deliver clean, reliable electricity to Ukrainian consumers and businesses. To date, the plant has provided over 43 GWh of green energy, equivalent to the annual energy consumption of about 2,500 households, and has abated 34,000 tonnes of CO2 equivalent in emissions.
The partnership has navigated an exceptionally challenging operating environment with professionalism and resolve. Throughout, all parties have maintained their obligations and upheld the highest standards of governance and financial management, reflecting the strength of the collaborative framework underpinning the project.
“We are immensely proud of what this partnership has achieved. Completing full debt repayment three years ahead of schedule is a remarkable outcome under any conditions and is all the more meaningful given the extraordinary environment in which this project has operated. It reflects the quality and commitment of everyone involved, and we congratulate all our partners on this achievement.”
-Torbjørn Elliot Kirkeby-Garstad, CEO, Norsk Renewables AS.
Early Repayment: Reflecting Operational and Financial Success
Following a series of voluntary early repayments made over the course of the project’s operational life, the equity partners have now completed full repayment of the outstanding debt facility, three years ahead of the originally scheduled maturity date.
This outcome reflects consistently strong operational performance from the solar facility and disciplined cash flow management. The early repayment represents a significant vote of confidence in the project and in the broader potential for responsible international investment in Ukrainian renewable energy.
For further information, please contact:
Torbjørn Elliot Kirkeby-Garstad
CEO, Norsk Renewables AS
tkg@norskrenewables.com
About Norsk Renewables
Norsk Renewables AS is a Norwegian renewable energy developer focused on utility-scale projects. The company is currently developing a portfolio of projects in Sub-Saharan Africa while holding operational renewable energy assets in Brazil, Ukraine, and Pakistan.
Our ambition is to become a leading developer and operator of utility-scale renewable energy, accelerating the energy transition by advancing projects to ready-to-build, delivering high-quality operational assets, and unlocking value through disciplined execution and strategic commercialization.
Every part of our strategy, from pipeline growth and strategic partnerships to asset divestment, long-term operations, and operational excellence is aligned to deliver reliable, affordable clean energy while creating sustainable value for our stakeholders.