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NBT, China Electric Power ink contract to build 750 MW of wind farms in Ukraine

Oslo, Norway-based wind power developer NBT AS and China Electric Power Equipment and Technology Co. Ltd., or CET, signed two engineering, procurement and construction contracts to build two wind farms totaling 750 MW in Ukraine.

The companies, along with Industrial Commercial Bank of China, the Export-Import Bank of China and China Construction Bank, also signed a preliminary agreement for a €500 million senior debt facility to finance the 300-MW Zophia II and 450-MW Zophia III wind farms.

NBT plans to engage additional international banks for another €250 million of project financing. Total investment for the wind farms will exceed €1 billion, according to an Oct. 23 news release.

"Since Ukraine is in the Belt and Road Initiative, we are delighted that we can enter Ukraine with this large construction project," said CET Chairman Jia Zhichiang. CET is a subsidiary of State Grid Corp. of China.

NBT and CET have also agreed to cooperate on future renewable energy projects.