GE Energy Financial Services announced Tuesday that GE Renewable Energy will provide 26 wind turbines for the Ukrainian Primorskaya Wind Electricity Power (WEP) plant.
According to the statement, GE will be responsible for arranging installation and commissioning of the turbines to power the wind farm.
Bayerische Landesbank, a leading German bank based in Munich, led a German banking consortium, which will provide senior debt financing for the project.
"The deal is supported by German Export Credit Agency, Euler Hermes, which provided an export credit guarantee for the transaction," the company said.
Stage I of the Primorskaya WEP is part of a two-phase process to build a 200-megawatt wind farm in Ukraine.
"Once fully operational by end of 2019, the Primorskaya wind farm is expected to generate enough electrical energy to power the equivalent of around 350,000 homes in the country," the statement read.
In addition, GE also signed a 20-year full service agreement for the operation and maintenance of the turbines.
Ukraine aims to generate 11 percent of its electricity from renewable sources by 2020.
By Gulsen Cagatay