EBRD’s Ukraine Sustainable Energy Lending Facility supports carbon offsetting through its Ukraine Sustainable Energy Lending Facility (USELF). It is a credit programme worth €140 million, available for small and medium-sized renewable energy projects ranging from hydro, wind, biomass and biogas to solar energy ventures.
Among the entrepreneurs who have translated ‘green’ business plans into reality thanks to USELF is Narek Haryutyunan, the young Managing Director of Rengy Development. His company installed a solar power plant near the village of Porogy, in south-western Ukraine. “This plant can power over 2,100 households. The emissions savings are the equivalent of taking 2,000 cars off the road,” said Mr. Haryutyunan.
In response to rising demand, and boosted by a track record of seven projects, USELF has been extended. “Given the size of Ukraine’s agricultural sector there is great potential for biomass and biogas projects, but also solar, thanks to good levels of sunlight,” commented Mr. Maslichenko, EBRD Senior Manager.
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