TIU Canada to contest court decision to shut down solar plant in Nikopol.

Ekotechnik Nikopol LLC (TIU Canada) will contest the decision of the Kyiv Economic Court, which rejected the company's claims to Nikopol Ferroalloy Plant (NFP), which disconnected its 10.5 MW solar power plant from the power grid in March 2020.

"TIU Canada has announced the intention to file an appeal against the decision of the first instance court in the case against NFP on the illegal shutdown of the power plant. This action is due to the decision of the Kyiv Economic Court dated January 26, which ruled in favor of NFP, despite the significant amount of evidence that was presented by the legal team of the company," according to a press release.

TIU Canada noted that such a court decision is not the only case for international investors in Ukraine, which leads to a decrease in foreign direct investment in the country due to lack of the rule of law and the spread of corruption.

"Ukrainians and foreign investors are tired of oligarchy and injustice. The Euro-Atlantic aspirations of the Ukrainian people will never bear fruit if the administration does not carry out real judicial reform and a complete deoligarchization of the economy and power. Today, the efforts of the state are insufficient and useless against entrenched interests that regularly undermine the efficiency of activities of Ukrainian institutions - judicial or bureaucratic," President of TIU Canada Michael Yurkovich said.

As reported, the 10.5 MW solar station was disconnected from the power grid by NFP in March 2020. TIU Canada noted that NFP took advantage of the fact that the solar station was connected to a substation located on its territory, and explained the need for disconnection by carrying out repair work. The shutdown caused the company losses exceeding EUR1.5 million, which continue to grow.

TIU Canada has been operating in Ukraine since 2016. The company put into operation a 10.5 MW solar power plant in Nikopol in January 2018, an 11 MW solar plant in Mykolaiv region in April 2019. In addition, TIU Canada launched a 33 MW solar power plant in Odesa region. The company's investments in solar energy, which became the first investor in Ukraine under the Canada-Ukraine Free Trade Agreement (CUFTA), amounted to over $ 65 million.

Nikopol Ferroalloy Plant is controlled by EastOne Group, created in the fall of 2007 as a result of restructuring Interpipe Group, and also by Privat Group (both based in Dnipro).

Interfax-Ukraine

News about recent political developments in Ukraine, key Ukrainian economic news and major current events in the CIS and the rest of the world.

https://en.interfax.com.ua/

Related news
IT company Creatio raises $68 mln investment for development.

IT company Creatio raises $68 mln investment for development.

Creatio, a corporate group providing a leading low-code platform for process management and CRM, which includes Terrasoft in its group, has raised minority investments in the amount of $68 million from Volition Capital Fund IV, L.P. (the United St...

Interfax-Ukraine

NY Democrats reach deal to strip Cuomo of emergency powers.

NY Democrats reach deal to strip Cuomo of emergency powers.

New York Gov. Andrew Cuomo's emergency powers would be limited by state legislators under new legislation, the leaders of the state's Democratic legislative majorities announced Tuesday. #FoxNews Subscribe to Fox News! Watch more Fox News Video: W...

Marco Rubio slams Biden border policy as 'complete, utter ridiculousness'.

Marco Rubio slams Biden border policy as 'complete, utter ridiculousness'.

Sen. Marco Rubio, R-FL, discusses worsening border crisis on 'Hannity.' #FoxNews #Hannity Subscribe to Fox News! Watch more Fox News Video: Watch Fox News Channel Live: FOX News Channel (FNC) is a 24-hour all-encompassing news service delivering b...

NBA veteran Jeremy Lin speaks out about rise of attacks against the Asian community.

NBA veteran Jeremy Lin speaks out about rise of attacks against the Asian community.

Former NBA star Jeremy Lin talks to CNN's Don Lemon about the recent spike of attacks against the Asian community across the US. #CNN #News

Neera Tanden withdraws nomination to lead Office of Management and Budget.

Neera Tanden withdraws nomination to lead Office of Management and Budget.

President Biden's pick to lead the Office of Management and Budget, Neera Tanden, withdrew her nomination Tuesday. Tanden's nomination had faced heavy opposition in the Senate and her nomination appeared to be in doubt. Reuters White House corresp...

Court acquits LGBT activists in Poland - DW News

Court acquits LGBT activists in Poland - DW News

A Polish court acquitted the three women. The ruling is being seen as a victory for freedom of speech in a European country that has made headlines recently--more for restricting, not extending, freedom. It was more than half a milleneum ago when ...

SUV that killed at least 13 drove through border wall.

SUV that killed at least 13 drove through border wall.

A California highway crash involving human smugglers and 25 migrants jammed into a single SUV left over a dozen dead Tuesday, a Border Patrol source tells Fox News. #FoxNews Subscribe to Fox News! Watch more Fox News Video: Watch Fox News Channel ...