Audited Consolidated Financial Statements of DTEK Renewables B.V. for 2019

Audited Consolidated Financial Statements of DTEK Renewables B.V. for 2019

DTEK01 June 2020

DTEK Renewables has published the audited consolidated financial statements for 12 months of 2019: investments in the development of green generation increased by 113%, green electricity supply increased by 106%.

The indicators for the reporting period include all enterprises under the operational management of the company.

In 2019 DTEK Renewables invested UAH 8.9 bn in construction of new wind (WPP) and solar (SPP) power plants, which is 113% higher compared to 2018. The investments contributed to the commissioning of 740 MW of renewable energy: two phases of Prymorska WPP (200 MW), Orlivska WPP (100 MW), Nikopolska SPP (200 MW), and Pokrovska SPP (240 MW).

To date, the portfolio of DTEK Renewables amounts to 950 MW of green generation capacity, in the construction of which 1.2 billion euros of own and borrowed funds were invested. These investments will ensure an annual reduction of 2.6 million tons of greenhouse gas emissions into the atmosphere.

The commissioning of new power plants allowed to increase the supply of green electricity by 106% to 1.4 billion kWh in 2019. Furthermore, the stable supply of equipment and infrastructure for wind farms and solar power plants that amounted to 99.6% and 98.5% respectively, which corresponds to the best world standards, had a positive impact on electricity supply.

In 2019, DTEK Renewables’ loan portfolio grew by 80% and reached UAH 21.7 billion. In the reporting period, the company attracted loan financing from a consortium of three German banks under guarantees of export credit agencies in the amount of EUR 90 million and issued debut green Eurobonds with a five-year maturity period in the amount of EUR 325 million. European investment funds, including those specializing in green projects investments, have become major green bondholders.

The settlement of the issue of changes in the regulatory environment on further conditions for the development of green energy in Ukraine will allow all players on the renewable energy market to make decisions on further investments. Currently, renewable energy investors and the Ukrainian government, under the auspices of the European Energy Community, are participating in mediation on the reform of the industry support system. One issue is debt repayment for green electricity generated. Today the debt of the Guaranteed Buyer to the renewable energy companies is more than 9 billion UAH. The level of settlements for March 2020 is 11%, April - 5%, May –5%. Debt to enterprises of DTEK Renewables - 1.8 billion UAH.

“In 2019, DTEK Renewables achieved its strategic goal of 1 GW of green generation in the company's portfolio. Today, the company is one of the leading investors in renewable energy in Ukraine. Last year’s successful fundraising strengthened the role of DTEK Renewables as a long-term partner for leading international financial institutions and provided Ukraine with an effective financial mechanism for the transition to an energy balance with lower CO2, ”said Philipp Leckebusch, CEO of DTEK Renewables – I hope that current dialogue between the government and industry players a solution will be found that confirms Ukraine’s commitment to the energy sector transformation in accordance with key international trends. ”

Profile

DТЕК is the largest private investor in Ukraine’s energy sector.

DTEK Group produces coal and natural gas, generates electricity at thermal, solar and wind power plants, distributes electricity, supplies electricity to end consumers, provides energy efficient solutions and develops a network of EV charging stations.
In 2019, DTEK’s capital investments totalled UAH 23 bln. Moreover, the company paid UAH 23.4 bln of taxes. DTEK employs 70 thousand people.

The company is 100% owned by SCM Limited. Ultimate beneficial owner – Rinat Akhmetov.

 

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