TIU Canada Sues Nikopol Ferroalloy Plant Over Unlawful Disconnection. Circumstance to be a Test of Zelensky’s Determination to Protect International Investors

KYIV, Ukraine, Nov. 19, 2020 /PRNewswire/ – TIU Canada, a primary solar energy producer in Ukraine, has sued the Nikopol Ferroalloy Plant (NFZ) for illegally disconnecting its 10.5 MW photo voltaic station from the electrical energy grid. Inspite of Ukrainian electrical power legislation that stop electricity producers from being disconnected from the strength grid devoid of their permission, the NFZ illegally lower TIU Canada’s relationship on March 1, 2020. TIU Canada is in search of an speedy reconnection to the electricity grid and programs to maintain the NFZ and its shareholders fully accountable underneath the guidelines of both of those Ukraine and Canada. The most important shareholders of the Nikopol Ferroalloy Plant are Igor Kolomoyskyi, Gennadiy Bogolyubov, and Viktor Pinchuk.

The Nikopol solar station owned by TIU Canada is on land leased extended term from the city of Nikopol, nonetheless, entry to the facility is by a gate managed by the NFZ. The photo voltaic plant connects to a substation on the grounds of the NFZ and later on connects straight to the regional electricity transporter DTEK Dnipro Grids JSC. On December 23, 2019, TIU Canada been given a letter from the Normal Director of the NFZ, that they would be disconnecting the TIU Canada link to DTEK Dnipro Grids JSC by way of the substation on the grounds of the NFZ in buy to make ‘repairs.’ The NFZ said that they would start off the repairs after February 29, 2020, and TIU Canada immediately contacted the NFZ to seek out solutions to keep away from any disconnection. Even so, inspite of multiple discussions, the NFZ administration and shareholders proceeded with disconnecting TIU Canada from the substation on the morning of March 1, 2020. This illegal disconnection has caused more than 1.5 million Euros of problems to TIU Canada presently and improves each day.

The up coming hearing of the case will be December 16 and probable proceed in the coming months. TIU Canada CEO Michael Yurkovich claimed, “this is a clear circumstance of oligarchs pressuring a overseas trader and hoping to steal assets. As a chief in company social accountability in Ukraine, we experienced hoped this was a matter of the earlier in Ukraine, regretably, these practices carry on. Even so, we are mustering our means and will struggle this circumstance in Ukraine, Canada, or any jurisdiction needed to earn. Corruption will have to not be authorized to keep on in Ukraine, and the legal rights of traders must be guarded.” It need to be noted that on July 3, although talking to the Economic Club of Canada, Ukrainian President Volodymyr Zelensky praised the function of TIU Canada at the Toronto Ukraine Reforms Convention. He stated, “We feel about the future, that is why eco-friendly power will be one of the crucial sectors of our economic system for the duration of the future a long time. I know that we have in this article Canadian business TIU that currently efficiently performs in this area. We are grateful to them for this – make sure you, observe their instance”. This circumstance now gets a take a look at of President Zelensky’s commitment to shielding overseas buyers in Ukraine from illegal disconnection and corrupt steps.

TIU Canada is owned by the Calgary primarily based Refraction 1 Fund and has been doing work in Ukraine because 2016. The firm commissioned a 10 ½ megawatt photo voltaic 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 photo voltaic electric power manufacturing have been commissioned in the Odesa region, for a whole of 54 megawatts nationwide. TIU Canada has invested a lot more than $65 million in Ukrainian solar vitality more than the previous 4 several years and was the to start with trader in Ukraine beneath the Canadian Ukrainian Free Trade Arrangement (CUFTA).

TIU Canada directly and through its subcontractors employs extra than 30 people in Ukraine whose careers are now threatened by this unlawful disconnection.

Source TIU Canada

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