Nikopol solar power plant. Credit: PRNewsfoto/TIU Canada.

Investment company Refraction Asset Management’s subsidiary TIU Canada has commissioned 10.7MW solar energy plant in Nikopol, Ukraine.

The €10.5m project under Canada-Ukraine Free Trade Agreement (CUFTA) in Ukraine is the first investment from the Canadian part.

Located on the territory of the Nikopol FerroAlloy Plant, the facility with drone footage will provide clean electricity to residents and businesses in the Nikopol area.

Refraction Asset Management president Michael Yurkovich said: “We are excited about the investment opportunities in Ukraine, and TIU Canada is proud to be a pioneer in the Ukrainian renewable energy market.”

Spread over 15ha, the Nikopol facility houses 32,304 solar panels, with 392 inverters installed to manage the power output.

Built with 105km of cables, the station eliminates 12,738 tons of carbon dioxide (CO2) per year.

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Refraction Asset Management chief operations officer Hani Tabsh said: “The launch of this solar energy plant is good for the residents of Nikopol, good for investment in Ukraine and good for trade with Canada.

“The facility will provide safe and clean electricity for the people and businesses in the city.”

Commencement of the project in last May has created new jobs, according to the company.

Canada to Ukraine ambassador Roman Waschuk said: “This is an important example of how the Canada-Ukraine Free Trade Agreement deepens commercial and investment relationships.

“The Embassy has been pleased to support TIU Canada’s important work in Ukraine, and we look forward to facilitating expanded investment from TIU Canada and other investors in 2018. Sustainable energy to help deal with climate change is a priority for Canada as the chair this year of the G7 nations. ”

Founded in 2012, Calgary-based Refraction Asset Management provides fund management expertise focused on security selection in the energy and technology sectors.