Reuters, Ukraine’s largest private power producer, threatens legal action over green energy arrears

Reuters. File photo: A logo of DTEK (Donbass Fuel-Energy Company) is seen in the building of a business center in Kiev, Ukraine, July 5, 2016. REUTERS / Gleb Garanich

KYIV (Reuters) – DTEK Renewables, part of DTEK, Ukraine’s largest private power producer, on Wednesday threatened legal action if the government delayed repaying arrears for renewable energy purchased by state-owned companies.

The DTE said in a statement that it was the only organization that had not been paid since President Volodymyr Zelensky’s government moved to resolve the debt crisis in the renewable energy sector.

The government said on Wednesday that it would review the activities of state-owned enterprises responsible for repaying the debt, called “guaranteed buyers,” and would then settle the company’s debt.

The government said in a statement that “the guaranteed buyer faithfully fulfills and will continue to meet its obligations to power producers from renewable sources and to international investors in Ukraine.”

Ukraine has aggressively targeted the growth of wind and solar energy as a way to reduce its dependence on fossil fuels, especially Russian gas, since Russia’s acquisition of the Crimean peninsula in 2014.

But as the country plunged into recession last year during the epidemic, the government struggled to pay for electricity generated by wind and solar companies, angering investors.

To address the situation, state-run electricity grid operator Ukrenergo tapped the market through its first 5-year Eurobond in November to raise funds to resolve the payments crisis.

The European Bank has invested $ 75 million in securities for restructuring and development.

DTEK Renewable says it still owns 3 billion revenue ($ 113.6 million).

“Artificial delays” and other “unlawful actions by a large number of officials” have led to a drop in renewable Eurobond quotes to DTE, the agency said.

“DTEK is preparing for the legal protection of its rights and is preparing to compensate companies and investors for damages in the international arena and national courts,” it said.

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