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Concorde Capital Research: DTEK commissions its first wind power station

October 5, 2012

Integrated energy holding DTEK (DTEUA) completed the construction of 20 wind turbines with a total capacity of 60 MW at its Botievo Wind Power Station. The company said it is going to commission another 10 turbines by the end of October to increase capacity to 90 MW, and further to 200MW by end-2013. At its design capacity, the power station is planned to produce 686 GWh of electricity annually (implying a capacity utilization ratio of 39%), the company informed.

Alexander Paraschiy: The first 90 MW stage of the wind farm will allow DTEK to generate additional revenue of about USD 46 mln next year, which is just 0.5% of its total annual revenue. The farm’s contribution to DTEK’s EBITDA will be about 1.5%. Although relatively small in size, we deem the farm a good hedge against hryvnya devaluation risk, to which DTEK is highly exposed: according to current legislation, so-called “green” tariffs (including those for wind farms) are fixed in euros.