March 23, 2023

foreign business

project business

TIU Canada Courtroom Case Versus Nikopol Ferroalloy Plant Moves Ahead

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KYIV, Ukraine, Dec. 16, 2020 /PRNewswire/ – TIU Canada, a top photo voltaic electricity producer in Ukraine, returned to the Kyiv Business Court nowadays in their lawsuit against the Nikopol Ferroalloy Plant (NFZ) for illegally disconnecting its 10.5 MW photo voltaic station from the electric power grid in previously this calendar year. Even with Ukrainian electrical power laws that avert electric power producers from getting disconnected from the electricity grid devoid of their permission, the NFZ illegally cut TIU Canada’s relationship on March 1, 2020. TIU Canada is trying to get an instant reconnection to the electricity grid and designs to hold the NFZ and its shareholders entirely accountable less than the regulations of Ukraine. The most important shareholders of the Nikopol Ferroalloy Plant are Igor Kolomoyskyi, Gennadiy Bogolyubov, and Viktor Pinchuk. Today’s hearing marked the final phase of the preliminary hearing and now the situation moves to entire consideration on January 13, 2021.

The Nikopol photo voltaic station owned by TIU Canada is on land leased very long time period from the city of Nikopol, nonetheless, entry to the facility is via a gate controlled by the NFZ. The solar plant connects to a substation on the grounds of the NFZ and later on connects directly to the regional electric power transporter DTEK Dnipro Grids JSC. On December 23, 2019, TIU Canada received a letter from the Typical Director of the NFZ, that they would be disconnecting the TIU Canada link to DTEK Dnipro Grids JSC by using the substation on the grounds of the NFZ in buy to make ‘repairs.’ The NFZ stated that they would begin the repairs right after February 29, 2020, and TIU Canada instantly contacted the NFZ to seek answers to keep away from any disconnection. Nevertheless, irrespective of a number of conversations, the NFZ management and shareholders proceeded with disconnecting TIU Canada from the substation on the early morning of March 1, 2020. This unlawful disconnection has brought on far more than 1.5 million Euros of injury to TIU Canada now and improves everyday.

The circumstance is considered as a take a look at of the Zelensky’s administration’s determination to protecting overseas buyers. It must be observed that on July 3, whilst speaking 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 explained, “We consider about the potential, that is why inexperienced vitality will be one of the vital sectors of our overall economy for the duration of the upcoming decades. I know that we have here Canadian corporation TIU that presently properly functions in this location. We are grateful to them for this – please, comply with their example”.

TIU Canada is owned by the Calgary based Refraction 1 Fund and has been doing work in Ukraine considering the fact that 2016. The organization commissioned a 10 ½ megawatt solar strength plant in Nikopol, Ukraine, in January 2018, and an 11-megawatt photo voltaic station in the Mykolayiv area in April 2019. An more 33 megawatts of solar electric power production have been commissioned in the Odesa area, for a overall of 54 megawatts nationwide. TIU Canada has invested a lot more than $65 million in Ukrainian solar electrical power over the very last 4 many years and was the very first investor in Ukraine beneath the Canadian Ukrainian Free of charge Trade Agreement (CUFTA).

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

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