The Overseas Private Investment Corporation (OPIC) is mulling the provision of a $150 million loan and up to $320 million in insurance and reinsurance for construction of a large wind power plant in Zaporizhia region by EuroCape.

According to a posting on the OPIC website, the project is pending the Board of Directors approval for the December 14, 2017 board meeting.

According to the documents, the total cost of the project is EUR 466 million ($560 million).

According to the description of the project, Apollo Global Management LLC will provide a mezzanine loan up to EUR 200 through one or more eligible subsidiaries. LongWing Energy S.C.A. will provide equity and shareholder loan investment up to EUR 84 million, which may include an up to EUR 34 million investment by subsidiaries of General Electric Company (GE).

OPIC could provide a loan of up to $150 million. In addition, OPIC proposes insurance and reinsurance for up to $225 million, plus $50 million interest for the mezzanine loan, provided to Apollo or an eligible affiliate.

According to the report, Liberty MutualInsurance Europe Limited; and Indian Harbor Insurance Company (XL Catlin) will provide insurance for up to $81 million for equity investment, provided to LongWing.

GE will sell and manage the installation of 62 wind turbines for the project, and provide long-term operations and maintenance services to EuroCape. The project involves the development, construction and operation of the first 225 MW phase of a planned 500 MW wind farm in Ukraine.

The major environmental and social concerns related to the project include potential impacts on resident and migrating birds and bats, potential impacts from noise and shadow flicker, impacts to community health and safety resulting from increased traffic and influx of non-local workers, and the need for a robust environmental and social management system with appropriate organizational capacity given the ambitious timeline for construction.