Redcliffe Partners acted as a legal counsel to EBRD in connection with a EUR15 million senior secured long-term loan to I&U Group, a vertically integrated agricultural holding company with sugar production and crop farming businesses in Ukraine. The financing package consists of a EUR13 million loan to be provided by the EBRD, and a EUR2 million concessional loan provided by the Clean Technology Fund.
The financing will be used for a construction of a 6MW biogas plant in the Kirovograd region. Its unique feature is in the implementation of an innovative biogas production technology, allowing for a reduction in energy consumption and the use of residue from the biogas process as bio-fertilisers, which will replace chemical fertilisers. It is expected that the project will result in a total reduction of 24,000 tons of CO2 emissions annually.
Redcliffe’s team was led by Olena Polyakova, counsel, with support from associates Eduard Olentsevych, Anton Rekun and Bogdan Nykytiuk under the supervision of Olexiy Soshenko, managing partner and Head of the Banking and Finance practice.