March 21, 2023

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TIU Canada Court docket Circumstance Against Nikopol Ferroalloy Goes to Trial These days

Press launch content material from PR Newswire. The AP news employees was not associated in its development.

KYIV, Ukraine, Jan. 13, 2021 /PRNewswire/ – The courtroom case of TIU Canada in opposition to the Nikopol Ferroalloy Plant (NFZ) for illegal disconnection goes to trial today in the Kyiv Commercial Court docket (at 44B Bohdana Khmelnytskoho street). The 10.5 MW solar station was disconnected from the electric power grid by NFZ on March 2, 2020, in spite of the simple fact that underneath Ukrainian regulation, only electrical power producers may authorize a disconnection from the energy grid. TIU Canada is searching for an instant reconnection to the electrical energy grid and plans to maintain the NFZ and its shareholders thoroughly accountable underneath the regulation. The most important shareholders of the Nikopol Ferroalloy Plant are Igor Kolomoyskyi, Gennadiy Bogolyubov, and Viktor Pinchuk. Today’s hearing is the initial trial date in the scenario (#910/3844/20) from the summary of preliminary hearings very last month.

The Nikopol photo voltaic station owned by TIU Canada is on land leased prolonged time period from the city of Nikopol. The photo voltaic plant connects to a substation on the grounds of the NFZ. On December 23, 2019, TIU Canada obtained a letter from the General Director of the NFZ, that they would be disconnecting the TIU Canada relationship to grids via the substation on the grounds of the NFZ in purchase to make ‘repairs.’ The NFZ stated that they would start the repairs just after February 29, 2020, and TIU Canada instantly contacted the NFZ to search for alternatives to avoid any disconnection. On the other hand, even with various conversations, the NFZ management and shareholders proceeded with disconnecting TIU Canada from the substation on the early morning of March 2, 2020. This illegal disconnection has brought on far more than 1.5 million Euros of damage to TIU Canada now and raises everyday.

The case is seen as a examination of the Zelensky’s administration’s motivation to guarding overseas traders. It should really be observed that on July 3, 2019, while talking to the Economic Club of Canada,Ukrainian President Volodymyr Zelensky praised the get the job done of TIU Canada at the TorontoUkraine Reforms Meeting. He claimed, “We imagine about the upcoming, that is why inexperienced energy will be one particular of the vital sectors of our overall economy all through the approaching years. I know that we have listed here Canadian enterprise TIU that already effectively operates in this spot. We are grateful to them for this – please, follow their example”.

TIU Canada is owned by the Calgary based Refraction Asset Administration, has been doing work in Ukraine since 2016, and is a foremost photo voltaic electrical power producer. The company commissioned a 10 ½ megawatt photo voltaic energy plant in Nikopol, Ukraine, in January 2018, and an 11-megawatt photo voltaic station in the Mykolayiv area in April 2019. An supplemental 33 megawatts of photo voltaic electrical power creation have been commissioned in the Odesa region, for a overall of 54 megawatts nationwide. TIU Canada has invested extra than $65 million in Ukrainian photo voltaic strength over the last four decades and was the to start with investor in Ukraine beneath the Canadian Ukrainian Free Trade Settlement (CUFTA).

TIU Canada right and by its subcontractors employs far more than 30 folks in Ukraine whose employment are now threatened by this unlawful disconnection.

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