Kyiv, Ukraine – TIU Canada has begun construction of a new solar plant near Kalynivka village, in the Mykolaiv region. The new project is called Vita Solar, with a planned peak capacity of 13,5MW, covering an area of 20.2 hectares. The solar panels are produced by Longi Solar, and the inverters are produced by SMA.

Mykolaiv region has one of the best locations for solar radiation in Ukraine. The measurements from Kalynivka show that the levels of solar radiation are at 1551 kW/m2. This plant will help to reduce carbon dioxide emissions by 18,212 tons per year.

Valentyna Beliakova, Country Director of TIU Canada in Ukraine said: “We have carefully selected the new site for this station, technically and logistically it is one of the best locations that are available to us”.  

Michael Yurkovich, President of Refraction Asset Management, the holding company for TIU Canada said: “Following the completion of our first project in Nikopol, this is a logical next step. This station will uphold the high standards that we set for everything that we work with – starting from the materials and ending with our EPC contractor, Helios Strategia.”The plant will be commissioned later this year and will begin the generation no later than January 2019.

TIU Canada started its operations in Ukraine in June 2017, when the construction of the Nikopol solar plant begun.  TIU Canada is owned by Refraction Asset Management, out of Calgary, Alberta. 

For Immediate Release

September 10, 2018

In a historic undertaking, a North American company is quickly becoming a global innovator regarding economic strategies. While others avoid conflict areas like Ukraine, TIU CANADA is investing millions in the citizens of that region, by providing a long-term vision for economic stability through jobs and renewable energy resources.

On January 26, 2018, TIU Canada, a subsidiary of Refraction Asset Management, opened a 10.5-megawatt solar power plant in Nikopol with a total investment of 10.5 million euros (approx. $13.3 million USD). TIU Canada is the first Canadian company to partner with Ukraine under the newly enacted Canada-Ukraine Free Trade Agreement.

Hani Tabsh, Chief Operations Officer of Refraction Asset Management and Director of TIU Canada, said, “We feel there is a misunderstanding of risk profile in Ukraine in general. There is a stigma of putting capital at risk in conflict zones. We look at Ukraine as a place with a lot of economic opportunities and qualified, intelligent and strong-willed people that are focused on energy independence. Energy independence is something that the country desperately needs. The easiest way to get that energy independence is to develop the resources that exist within Ukraine. We are looking forward to growing our footprint over time as we do more and more business in this region.”

TIU Canada’s investment is generating Climate Change in Ukraine- environmentally, politically, and economically. The Nikopol solar plant has created 25 local jobs and brought more than 2 million hryvnias ($73,000 USD) to the local city budget. The energy from the solar plant eliminates 12,738 tons of CO2 annually, a cleaner option than coal and a less dangerous option than nuclear energy, given Ukraine’s legacy of Chernobyl. Reliable renewable energy resources also mean less dependence on Russian energy.

Due to the success of TIU Canada’s investment in Ukraine, the cities of Lloydminster in the province of Alberta, Canada, and Nikopol in the Dnipropetrovsk Oblast of Ukraine announced a historic sister-city agreement on September 10, 2018. This is the first major announcement of non-military cooperation between Canada and Ukraine in 35 years. Mayor Gerald Aalbers (Lloydminster) and Mayor Andriy Fisak (Nikopol) will ceremoniously sign the Sister City Agreement in September when Mayor Fisak visits Lloydminster.

“Canada and Ukraine enjoy close bilateral relations and the historic ties of friendship between our two countries were forged through generations of Ukrainian migration to Canada”, said Mayor Fisak of Nikopol. “Today, these historic bonds are reinforced by shared values and interests to produce mature, balanced and mutually beneficial partnership for the 21st Century.” Mayor Fisak also stated, “I trust a Sister City Agreement between Lloydminster, Canada, and Nikopol, Ukraine, will create an environment conducive to the development of both of our communities and will offer the possibility to strengthen our social and cultural relations, as well as improve the welfare of the residents of our two cities.

For more information, please contact:

Alberta Counsel

Shayne Saskiw, Principal


[email protected]

City of Lloydminster

Mike Specht

780-875-6184 ext. 2309

[email protected]

City of Nikopol

Serhiy Doroshenko


[email protected]

TIU Canada

Ivan Bachynsky


[email protected]

Ukrainian Canadian Congress

Olesia Luciw-Andryjowycz, President


[email protected]

NIKOPOL, Ukraine, Jan. 30, 2018 /CNW/ – TIU Canada officially commissioned a 10.7-megawatt solar energy plant in Nikopol, Ukraine on Friday, January 26th.  This project was the first investment from the Canadian side under the Canada-Ukraine Free Trade Agreement (CUFTA) in Ukraine, which took effect in August 2017.  Construction of the site, which is located on the territory of the Nikopol FerroAlloy Plant, began in late May and the total amount of the investment is 10.5 million Euros.

Michael Yurkovich, President of Refraction Asset Management, the parent company for TIU Canada, 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”.  In addition, Chief Operations Officer Hani Tabsh noted, “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.”

Speaking at the ribbon-cutting ceremony at the site of the solar plant, the Ambassador of Canada to Ukraine, 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.  Here we see real Canadian backed climate action for Ukraine and the world“.

Andriy Fisak, the Mayor of Nikopol, also spoke at the opening saying, “I want to thank our Canadian investors, for the important thing that they have done – first big investment project in Nikopol. I am confident that this is a big plus for the city because we demonstrate the investment attractiveness of the city. Another important aspect is that we are receiving payments for the city’s budget, and creating new jobs.”

The First Deputy Governor of Dnipropetrovsk Oblast Council Oleg Kuzhman noted that TIU’s facility “is the largest solar energy plant in the region“.  Konstantin Gura, representing the State Agency for Energy Efficiency and Energy Savings of Ukraine stated, “This project is fully funded by Canadian investors and that demonstrates the effectiveness of the green energy stimulation mechanism which currently exists in Ukraine.  This mechanism ensures that feed-in tariffs are fixed in Euros until 2030, and starting from last year, the opportunity to sign long term power purchase agreements valid through 2030 have been introduced.”

The station consists of 32,304 solar panels, with 392 inverters installed to manage the power output.  More than 105 kilometers of cables were used during the station’s construction, and the area used for the station totals 15 hectares. The amount of carbon dioxide (CO2) eliminated in comparison with coal-fueled power stations, is 12,738 tons per year.  Thus, this renewable energy project will provide clean electricity to residents and businesses in the Nikopol area.  Drone footage of the site location is available here. TIU Canada is owned by Refraction Asset Management, based in Calgary, Alberta.


For further information: Ivan Bachynsky, 380 93 064 8292, [email protected]