March 21, 2023

foreign business

project business

TIU Canada Court docket Case In opposition to Nikopol Ferroalloy Plant Moves Ahead

The Nikopol photo voltaic station owned by TIU Canada is on land leased prolonged time period from the town of Nikopol, however, entry to the facility is via a gate managed by the NFZ. The solar plant connects to a substation on the grounds of the NFZ and later connects specifically to the regional energy transporter DTEK Dnipro Grids JSC. On December 23, 2019, TIU Canada obtained a letter from the Basic Director of the NFZ, that they would be disconnecting the TIU Canada relationship to DTEK Dnipro Grids JSC through the substation on the grounds of the NFZ in purchase to make ‘repairs.’ The NFZ stated that they would get started the repairs right after February 29, 2020, and TIU Canada right away contacted the NFZ to find remedies to steer clear of any disconnection. Having said that, regardless of a number of conversations, the NFZ management and shareholders proceeded with disconnecting TIU Canada from the substation on the morning of March 1, 2020. This unlawful disconnection has brought about a lot more than 1.5 million Euros of injury to TIU Canada by now and improves daily.

The situation is viewed as a exam of the Zelensky’s administration’s commitment to defending overseas traders. It need to be famous that on July 3, when talking to the Financial Club of Canada, Ukrainian President Volodymyr Zelensky praised the perform of TIU Canada at the Toronto Ukraine Reforms Meeting. He reported, “We feel about the long term, that is why green vitality will be a single of the vital sectors of our economic system for the duration of the impending a long time. I know that we have listed here Canadian corporation TIU that by now successfully operates in this region. We are grateful to them for this – remember to, observe their example”.

TIU Canada is owned by the Calgary dependent Refraction 1 Fund and has been doing work in Ukraine because 2016. The corporation commissioned a 10 ½ megawatt solar power plant in Nikopol, Ukraine, in January 2018, and an 11-megawatt photo voltaic station in the Mykolayiv region in April 2019. An supplemental 33 megawatts of solar electric power generation have been commissioned in the Odesa location, for a full of 54 megawatts nationwide. TIU Canada has invested far more than $65 million in Ukrainian solar strength over the past four many years and was the very first trader in Ukraine below the Canadian Ukrainian Free Trade Settlement (CUFTA).

TIU Canada right and as a result of its subcontractors employs additional than 30 folks in Ukraine whose work are now threatened by this illegal disconnection.

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