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:
Shayne Saskiw, Principal
City of Lloydminster
780-875-6184 ext. 2309
City of Nikopol
Ukrainian Canadian Congress
Olesia Luciw-Andryjowycz, President
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