Last month’s restructuring of much of DTEK’s bank and bond debt can be traced back to debt taken on in 2012, before the Donbas war

, Tymchenko says. Due to the war, DTEK lost control of mines and power stations, which cut the company’s electricity production in half. “In 2012, we produced 51 billion KWh — in 2020, 26.3 billion,” he says. “In 2012, we extracted 38 million tons [of coal]. In 2020 we extracted 19 million.”

DTEK’s Tiligulska wind power project, with a capacity of 126 MW, is under construction this summer and should produce power next year

, DTEK reports. Located in southwest Mykolaiv, the project is largely financed with money from a green Eurobond that DTEK issued in the fall of 2019. If the government catches up with overdue payments to wind and solar producers, DTEK could proceed with plans to increase the Tiligulska plant 4.5 times, to 564 MW, for a total of $640 million, Maris Kunickis, CEO of DTEK Renewables, said in March 2021.