Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Ukraine's largest private power producer threatens legal action over green energy dues

Stock MarketsNov 17, 2021 12:06PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A logo of DTEK (Donbass fuel-energy company) is seen on a building of a business centre in Kiev, Ukraine, July 5, 2016. REUTERS/Gleb Garanich

KYIV (Reuters) - DTEK Renewables, part of Ukraine's largest private power producer DTEK, on Wednesday threatened to take legal action if the government delayed repaying debts owed for renewable energy purchased by state firms.

DTEK in a statement said it was the only company that had not been paid after President Volodymyr Zelenskiy's government moved to solve a debt crunch in the renewable energy sector.

The government on Wednesday said it would review the activities of the state enterprise in charge of repaying the debts, called "Guaranteed Buyer", and would settle debts owed to companies after that.

"Guaranteed Buyer faithfully fulfils and will continue to fulfil its obligations to producers of electricity from renewable sources and international investors in Ukraine," the government said in a statement.

Ukraine has aggressively targeted growth in wind and solar power as a way of lessening its dependence on fossil fuels, in particular on Russian gas following Russia's annexation of the Crimea peninsula in 2014.

But as the country tumbled into recession last year during the pandemic, the government struggled to pay for the power produced by wind and solar firms, angering investors.

To tackle the situation, the state-run electricity grid operator Ukrenergo tapped the market with its debut 5-year Eurobond in November in a bid to raise funds to resolve the payments crisis.

The European Bank for Reconstruction and Development invested $75 million in the securities.

DTEK Renewable said it was still owned 3 billion hryvnias ($113.6 million).

The "artificial delay" and other "illegal actions of a number of officials" had led to a drop below par in quotations of DTEK Renewables Eurobonds, the company said.

"DTEK is preparing for the legal protection of its rights and compensation for damage caused to the company and investors in international instances and national courts," it said.

Ukraine's largest private power producer threatens legal action over green energy dues
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email