Europes biggest solar project has, for the first time,
found a way of addressing challenges in Ukrainian law on
intercreditor rights. But its not clear whether the
Ukrainian courts will uphold the solution.
The project consists of 175million financing for a
solar power plant in the Crimea region with capacity up to 100
Apart from the sheer size of the project, this is
bringing project finance to the Ukraine which, because of the
generally perceived challenges with the banking system, the
regulatory system and the ability to take effective security,
has always been quite demanding, said Matt Hinxman of
Norton Rose in London, who acted for lenders VTB Capital.
Hinxman added that the security package on this...