Skip to main content
Press Release

GE and LongWing Unlock Financing and Technology for First Phase of Zaporizhia Onshore Wind Farm in Ukraine

July 25, 2019
  • GE Capital’s Energy Financial Services connects financing to GE’s fourth wind farm project in Ukraine
  • Sponsor, LongWing Energy, and co-investor, VLC Renewables, secure project financing for the first 98 MWs of its Zaporizhia wind farm project in Ukraine
  • GE Renewable Energy secures onshore wind turbine order for the 98 MW phase one, which is expected to produce over 330,000 MW hours of clean energy per year and power approximately 170,000 household


KIEV, UKRAINE; July 25, 2019: GE and LongWing Energy S.C.A. (“LongWing”) reached financial close on a $150MM debt financing package for the first phase of the Zaporizhia Wind Farm, in the Zaporizhia region in southeast Ukraine. The phase one 98-megawatt (“MW”) project is expected to produce over 330,000 MW hours of clean energy per year and power approximately 170,000 households.

The transaction marks GE’s fourth wind farm project in Ukraine to be financed and equipped with GE wind turbine technology. Financing will enable the build-out of phase one, which will comprise 27 GE Renewable Energy 3.6 MW onshore wind turbines with a rotor diameter of 137 meter, a hub height of 110 meters, and a 15-year Full-Service Agreement (“FSA”).

GE Energy Financial Services (“GE EFS”), as a minority equity investor, worked with the Overseas Private Investment Corporation (“OPIC”), the U.S. Government's development finance institution, to unlock project financing for the first phase of the Zaporizhia Wind Farm.  The debt financing will be provided by OPIC, with JP Morgan as hedge provider. 

Gaurav Raniwala, GE Energy Financial Services’ Global Renewable Energy Leader, said

“The Zaporizhia Wind Farm demonstrates GE’s unique ability to unlock investments and deliver bespoke financing and technology solutions that drive sustainable economic growth in key renewable energy markets. By connecting OPIC financing and GE’s leading technology to the project, GE and LongWing will enable construction and pave the way for clean energy production in Ukraine.”

“OPIC is proud to support this project, which will advance energy independence and security in Ukraine,” OPIC Acting President and CEO David Bohigian,said. “The plant will help Ukraine meet its energy demands and reduce reliance on imported sources, powering homes and businesses across the country.”

Peter Wells, GE Renewable Energy’s CEO for Europe and Sub Saharan Africa, said: “We are extremely proud to be supporting Ukraine’s drive towards renewable energy by providing our innovative onshore wind technology to the Zaporizhia Wind Farm. We thank Ukrainian investment offices, UkraineInvest and Office of the National Investment Council, for their commitment to clean energy from the earliest stages of the project. Our teams and our products are well suited to continue this momentum, powering the country with sustainable economic value from reliable green electrons.”

The project is projected to achieve commercial operations in 2020 and contribute to Ukraine’s 2030 Paris Agreement goals by reducing its reliance on gas imports. The electricity produced by the Zaporizhia Wind Farm will be sold via a power purchase agreement (PPA) to state-owned Ukrainian enterprise, Energorynok, which will benefit from a 10-year fixed rate feed-in tariff. Upon full completion of up to a total of 500 MW, the project is expected to be the largest wind farm in the Ukraine to be financed on an international non-recourse project financing basis and will be one of the top five largest operating onshore wind farms in Europe powering approximately 780,000 homes in Ukraine.


About GE:

GE (NYSE:GE) drives the world forward by tackling its biggest challenges: Energy, health, transportation—the essentials of modern life. By combining world-class engineering with software and analytics, GE helps the world work more efficiently, reliably, and safely. For more than 125 years, GE has invented the future of industry, and today it leads new paradigms in additive manufacturing, materials science, and data analytics. GE people are global, diverse and dedicated, operating with the highest integrity and passion to fulfill GE’s mission and deliver for our customers.

About GE Energy Financial Services:

A strategic GE Capital business, GE Energy Financial Services is a global energy investor with 35+ years managing assets through multiple energy cycles. Drawing on its technical know-how, financial strength and strong risk management, GE Energy Financial Services invests in and provides capital solutions for long-lived and capital-intensive projects and companies that help meet the world’s energy needs. It is headquartered in Connecticut with regional hubs in London, Houston, Washington D.C., Singapore and Nairobi. For more information, visit and follow us on Twitter @GEEnergyFinServ.

About GE Renewable Energy

GE Renewable Energy is a $15 billion business which combines one of the broadest portfolios in the renewable energy industry to provide end-to-end solutions for our customers demanding reliable and affordable green power. Combining onshore and offshore wind, blades, hydro, storage, utility-scale solar, and grid solutions as well as hybrid renewables and digital services offerings, GE Renewable Energy has installed more than 400+ gigawatts of clean renewable energy and equipped more than 90 percent of utilities worldwide with its grid solutions. With nearly 40,000 employees present in more than 80 countries, GE Renewable Energy creates value for customers seeking to power the world with affordable, reliable and sustainable green electrons. Follow us at, on, or on

About LongWing

LongWing Energy is a European IPP platform which acquires, constructs and long-term operates onshore wind and solar parks in Europe. LongWing Energy owns a pipeline of operating and development wind park projects of approx. 900 MW located in France, Poland and Ukraine.  The company has a growth strategy targeting additional markets.

About OPIC

The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity fund managers.

OPIC services are available to new and expanding businesses planning to invest in more than 160 countries worldwide. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers. All OPIC projects must adhere to best international practices and cannot cause job loss in the United States.

For media inquiries, please contact:

Jaclyn Cochrane
GE Energy Financial Services
+1 203 219 7463
[email protected]
Becky Norton
Communications Leader, Digital
GE Vernova
+1 518 522 8832
[email protected]
Santiago Castanedo
Europe, Communications Manager
GE Renewable Energy
+34 673 250 404
[email protected]

business unit