Прес-реліз

(Kyiv, Ukraine) – TIU Canada, a leading solar energy producer in Ukraine, donated winter clothes to the Ukrainian military in early spring of this year. More than 1000 items have been delivered to Kyiv and distributed by partners of TIU in early March. The clothes included winter drawers, fleece coats, thermal underwear, socks, and cold-weather jackets. Company CEO Michael Yurkovich said, “While the winter has ended the cold weather still persists in Ukraine, that’s why we partnered with local NGO “Help Ukraine 22 – Operation Palyanytsya” who managed the logistics of this project and delivered the supply of winter clothes to the Ukrainian military. We continue to support Ukraine in a time of need and will continue to do.”

In addition, TIU Canada will be donating supplies to Ukrainians in need, including hundreds of flashlights, sleeping mats, and post-operative medical kits. The donations are part of TIU Canada’s ongoing corporate social responsibility efforts in the communities where it works.

TIU Canada is owned by the Calgary-based Refraction Fund 1 and has been working in Ukraine since 2016. The company currently operates 43 megawatts of electricity production in three solar stations. TIU Canada has invested more than $70 million USD in Ukrainian solar energy and was the first investor in Ukraine under the Canadian Ukrainian Free Trade Agreement (CUFTA).

(Kyiv, Ukraine) – TIU Canada, a leading solar energy producer in Ukraine, is donating generators to Ukrainians affected by the electricity blackouts. These fuel-operated generators will provide electricity to Ukrainian families in Nikopol and other cities affected by the war. Company CEO Michael Yurkovich said, “At TIU Canada we produce electricity on a large scale, and while our solar stations continue operating during the war, the attacks on the energy infrastructure are sometimes preventing our electricity from getting to the people. That is why the best way to help Ukrainians now is to fill the gap by providing small generators to produce electricity”. The generators are being delivered to reliable NGO partners.

In addition, TIU Canada will be donating supplies to Ukrainians in need, including hundreds of flashlights, sleeping mats, and post-operative medical kits. These humanitarian and medical supplies are being shipped to Ukraine and will arrive this month. The donations are part of TIU Canada’s ongoing corporate social responsibility efforts in the communities where it works.

“We believe in Ukraine and that is why we are providing this support now when the country is in need. We are also supportive of the Canadian government’s efforts to help Ukraine including the recent announcement by Prime Minister Justin Trudeau that the government is providing $55 million to assist with winterization needs. Our efforts will complement that Canadian government efforts at the local level” said Yurkovich.

TIU Canada is owned by the Calgary-based Refraction Fund 1 and has been working in Ukraine since 2016. The company currently operates 54 megawatts of electricity production in three solar stations. TIU Canada has invested more than $65 million USD in Ukrainian solar energy and was the first investor in Ukraine under the Canadian Ukrainian Free Trade Agreement (CUFTA).

(Calgary, Ukraine) – TIU Canada, a prominent solar energy production company, has signed an agreement with the Siksika Nation to create a joint venture in the sphere of renewable energy projects. The partnership was created for the development of the Gleichen Solar project located in Wheatland County on 72 acres of land and located in Siksika Nation’s traditional territory. Using its successful experience in renewable energy projects around the world, TIU Canada will jointly build solar energy production facilities in Alberta with the Siksika Nation.мм

The agreement was signed on June 1, 2022, with Vlad Lizunov, Director on behalf of TIU Canada, and Shane Breaker Interim CEO, SRDL on behalf of the Siksika Nation. Shane Breaker said, “The Siksika Nation is exploring the opportunities in the solar energy industry and by partnering with TIU Canada to develop a local solar project in our territory, we will begin to participate in this new industry for future growth”. TIU Canada Company President Michael Yurkovich added, “We are excited about the powerful partnership possibilities of this joint venture. This project will bring jobs, clean energy, and investment in Alberta.” Formal approvals and power purchasing agreements are expected to be completed in the coming months.

TIU Canada is a solar energy producer, established and managing solar power projects since 2016. Currently, TIU Canada operates 45 megawatts producing clean electricity.

Congratulates Presidents Biden, Zelensky on Launch of U.S.-Ukraine Strategic Energy Dialogue

(Kyiv, Ukraine) – TIU Canada, a major foreign investor in Ukrainian solar energy congratulates President Biden and President Zelenskyy on their bilateral summit this week in Washington, DC, while calling for the swift resolution of Ukraine’s unpaid renewable energy arrears. The U.S. and foreign investors are owed outstanding payments of close to $800 million.

During a meeting with President Zelenskyy, U.S. Secretary of Energy Jennifer Granholm and Ukraine Minister of Energy Herman Galushchenko signed a Joint Statement of Intent to advance energy and climate cooperation through the U.S.-Ukraine Strategic Energy and Climate Dialogue. The dialogue launches a platform to accelerate Ukraine’s energy transition and EU integration and will facilitate closer cooperation between the United States and Ukraine both in the government and private sector.

“Ukraine’s failure to abide by its renewable energy contractual obligations with the U.S. and foreign investors is a source of significant concern and a worrying signal for the country’s investment climate,” said TIU Canada President Michael Yurkovich. “I applaud both governments on the re-launch of the U.S.-Ukraine Strategic Energy Dialogue. My company stands ready to participate in this powerful platform and forum for moving this issue towards resolution,” Yurkovich added.

TIU Canada is a leading Canadian-based solar energy producer, which has been working in Ukraine since 2016 and is a leading solar energy producer. The company commissioned a 10.5-megawatt solar power plant in Nikopol, Ukraine, in January 2018, and an 11.3-megawatt solar station in the Mykolayiv region in April 2019. An additional 33 megawatts of solar power generation has been commissioned in the Odesa region, for a total of 56 megawatts nationwide. TIU Canada has invested more than $65 million in Ukrainian solar energy over the last four years and was the first investor in Ukraine under the Canadian Ukrainian Free Trade Agreement (CUFTA).

For Immediate Release:

(Kyiv, Ukraine) – Today the Northern Appellate Commercial Court of Kyiv postponed the hearing of the illegal disconnection of the TIU Canada solar station in Nikopol, until July 26 at 3:30 PM. The reason given was the failure of one of the defendants to show up for court. In addition, one of the judges recused himself from the case in the morning and was replaced. This follows a postponement last month due to the recusal from the case of the previous three-judge panel. TIU Canada filed a motion to dismiss the previous slate of judges. The appeal is based on a January 26 decision by the Kyiv Commercial Court to reject the claims of an illegal disconnection despite overwhelming evidence presented by TIU Canada’s legal team. The case is a bellwether of Ukraine’s investment environment for foreign business and is attracting international attention.

“We will not rest in our pursuit of fairness, rule of law, and fighting corruption,” said TIU Canada President Michael Yurkovich. He added, “The West is watching this case closely because it is a test of whether or not foreign investors in Ukraine can be protected from raider attacks by oligarchs”. The court case number is 910/3844/20 and the judges are O. Gavruliuk, Y. Ponomarenko and the presiding judge is O. Maydanevych.

The 10.5 MW solar station was disconnected from the electricity grid by NFZ on March 2, 2020, despite the fact that Ukrainian law prevents electricity producers from being disconnected from the energy grid without obtaining the range of all the necessary permissions. TIU Canada is seeking an immediate reconnection to the electricity grid and plans to hold the NFZ and its shareholders fully accountable under the law. The main shareholders of the Nikopol Ferroalloy Plant are Igor Kolomoyskyi, Gennadiy Bogolyubov, and Viktor Pinchuk.

A number of respected diplomats and Members of Parliament commented on the case. Roman Washcuk who served as Canada’s Ambassador to Ukraine (2014-2019) said, “Ukraine deserves external support, especially now. But it also needs to deal with internal threats, such as oligarch Kolomoysky”.

MP Yvan Baker, who is the Chairman of the Canada-Ukraine Parliamentary Friendship Group said, “If Ukraine is to attract the foreign investment needed to grow its economy, offer prosperity to Ukrainians and secure its sovereignty, rule of law must be reinforced and corruption eliminated. Some of the developments around TIU Canada’s investment in Ukraine are deeply concerning”.

Senator Peter Harder stated, “Rule of law and holding oligarchs accountable is paramount to Ukraine attracting the foreign investment it desperately needs. The people of Ukraine deserve tangible progress on both fronts”. Other Members of the Canadian Parliament including Senator Peter Boehm, Garnett Genuis, Heather McPherson, and James Maloney have also spoken in support of TIU Canada and are monitoring the court case.

The Nikopol solar station owned by TIU Canada is on land leased long-term from the city of Nikopol. The solar plant connects to a substation on the grounds of the NFZ. On December 23, 2019, TIU Canada received a letter from the General Director of the NFZ, that they would be disconnecting the TIU Canada connection to grids via the substation on the grounds of the NFZ in order to make ‘repairs.’ The NFZ stated that they would begin the repairs after February 29, 2020, and TIU Canada immediately contacted the NFZ to seek solutions to avoid any disconnection. However, despite multiple discussions, the NFZ management and shareholders proceeded with disconnecting TIU Canada from the substation on the morning of March 2, 2020. This illegal disconnection has caused more than 1.5 million Euros of damage to TIU Canada already and increases daily.

The case is viewed as a test of Zelensky’s administration’s commitment to protecting foreign investors. It should be noted that on July 3, 2019, while speaking to the Economic Club of Canada, Ukrainian President Volodymyr Zelensky praised the work of TIU Canada at the Toronto Ukraine Reforms Conference. He said, “We think about the future, that is why green energy will be one of the key sectors of our economy during the upcoming years. I know that we have here Canadian company TIU that already successfully works in this area. We are grateful to them for this – please, follow their example”.

Unfortunately, this court ruling is just the latest in a series of setbacks for foreign investors in Ukraine. Last year Ukraine received only $400 million in foreign direct investment due to the lack of rule of law, widespread corruption, and the Covid pandemic. The corruption situation was exacerbated last year due to a kangaroo court ruling by Ukraine’s Constitutional Court which canceled the disclosure requirements for public officials.

TIU Canada is owned by the Calgary-based Refraction Asset Management, has been working in Ukraine since 2016, and is a leading solar energy producer. The company commissioned a 10 ½ megawatt solar energy plant in Nikopol, Ukraine, in January 2018, and an 11-megawatt solar station in the Mykolayiv region in April 2019. An additional 33 megawatts of solar electricity production have been commissioned in the Odesa region, for a total of 54 megawatts nationwide. TIU Canada has invested more than $65 million in Ukrainian solar energy over the last four years and was the first investor in Ukraine under the Canadian Ukrainian Free Trade Agreement (CUFTA).

TIU Canada directly and through its subcontractors employs more than 30 people in Ukraine whose jobs are now threatened by this illegal disconnection.

For Immediate Release:

(Kyiv, Ukraine) – TIU Canada, a major foreign investor in Ukrainian solar energy, filed a motion today to dismiss the three-judge panel set to hear its appeal in the illegal disconnection of the Nikopol Ekoteknik solar power plant case. The judges have all previously ruled in favor of US government-sanctioned oligarch Igor Kolomoyskyi against Ukraine’s state-owned Privatbank in another court decision^[1]. The three judges that ruled in favor of Kolomoyskyi were V.A. Korsack, O.V. Popikova, and O.O. Yevsikov. The motion seeks to replace the potentially biased judges with objective judges.

“There is no illusion of an impartial hearing when the judges have a track record of lockstep rulings in favor of a notorious oligarch who is under US FBI investigation for money laundering and has been officially sanctioned by the US government,” said TIU Canada President Michael Yurkovich. “This is the moment of truth for the Ukrainian judicial system. It either is fair and protects the rule of law for foreign investors, or it is a pawn of oligarchs who manipulate justice. The world is watching. NATO is watching. The EU and G7 are watching. Ukraine can’t seriously talk about joining NATO and the EU unless it shows it is serious about having an impartial court system” Yurkovich added.

This follows a January 26 decision by the Kyiv Commercial Court to reject the claims of an illegal disconnection despite overwhelming evidence presented by TIU Canada’s legal team. The case is a bellwether of Ukraine’s investment environment for foreign business and is attracting international attention from Voice of America^[2], the Washington Times^[3], and other major media. A ruling is expected imminently under Ukrainian law. During his visit to Kyiv on May 6, 2021, US Secretary of State Tony Blinken said, “Ukraine faces two challenges” It faces external aggression from Russia; but it also faces internal aggression from corruption, from oligarchs who put their interests ahead of the interests of the Ukrainian people. And Russia uses that internal aggression for its own purposes as well.”

The 10.5 MW solar station was disconnected from the electricity grid by NFZ on March 2, 2020, despite the fact that Ukrainian law prevents electricity producers from being disconnected from the energy grid without obtaining the range of all the necessary permissions. TIU Canada is seeking an immediate reconnection to the electricity grid and plans to hold the NFZ and its ultimate beneficial owners fully accountable under the law. The ultimate beneficial owners of the Nikopol Ferroalloy Plant are Igor Kolomoyskyi, Gennadiy Bogolyubov, and Viktor Pinchuk.

A number of respected diplomats, Senators, and Members of Parliament commented on the case. Roman Washcuk who served as Canada’s Ambassador to Ukraine (2014-2019) said, “Ukraine deserves external support, especially now. But it also needs to deal with internal threats, such as oligarch Kolomoyskyi’s shafting of a pioneering Canadian renewables investor”.

M.P. Yvan Baker, who is the Chairman of the Canada-Ukraine Parliamentary Friendship Group said, “If Ukraine is to attract the foreign investment needed to grow its economy, offer prosperity to Ukrainians and secure its sovereignty, rule of law must be reinforced and corruption eliminated. Some of the developments around TIU Canada’s investment in Ukraine are deeply concerning”.

Senator Peter Harder stated, “Rule of law and holding oligarchs accountable is paramount to Ukraine attracting the foreign investment it desperately needs. The people of Ukraine deserve tangible progress on both fronts”. Other Members of the Canadian Parliament including Senator Peter Boehm, M.P. Garnett Genuis, M.P. Heather McPherson, and M.P. James Maloney have also spoken in support of TIU Canada and are monitoring the court case.

TIU Canada directly and through its subcontractors employs more than 30 people in Ukraine whose jobs are now threatened by this illegal disconnection.

^[1] https://finclub.net/ua/news/sud-ponovyv-rozhliad-pozovu-na-skasuvannia-natsionalizatsii-pryvatbanku.html

^[2] https://ukrainian.voanews.com/a/tiu-kanada/5864300.html?fbclid=IwAR1Y1B7_Q2qtMZhuUAQ8nfTu8pORAxLQBZPyZ4tCrtHdhxwraDgIQsXxUKs

^[3] https://www.washingtontimes.com/news/2021/apr/15/ukraine-needs-a-pathway-to-nato-membership/

For Immediate Release:

(Kyiv, Ukraine) – Solar energy producer TIU Canada announced their plans to appeal a lower court decision in their case against the Nikopol Ferroalloy Plant (NFZ) for illegal disconnection today. This move follows a January 26 decision by the Kyiv Commercial Court to reject the claims of an illegal disconnection despite overwhelming evidence presented by TIU Canada’s legal team. TIU Canada President Michael Yurkovich stated “Ukrainians and foreign investors alike are tired of oligarchy and injustice. Ukraine is on the wrong track. The Euro-Atlantic aspirations of the Ukrainian people will never bear fruit unless the administration takes to heart real judicial reform and complete de-oligarization of the economy and government. Efforts to date are piecemeal and futile against entrenched interests which regularly degrade the effectiveness of Ukraine’s institutions – whether judicial or bureaucratic. We will continue to challenge these unfair outcomes and thank our international and Canadian interlocutors for their support.”

A number of respected business associations and former diplomats commented on the case. Roman Washcuk who served as Canada’s Ambassador to Ukraine (2014-2019) said, “As the diplomat who cut the ribbon at the opening of this facility, it is extremely disappointing to see the power plant cut off from the grid, in a further deterioration of the investment climate. It is also in stark contrast to the promises made by Ukraine’s President to investors during the Ukraine Reform Conference held in Toronto in 2019. It is clear Ukraine cannot succeed without rule of law ensuring a level playing-field for foreign investors, including protection against oligarchic abuse.“

Zenon Potoczny, President of the Canada-Ukraine Chamber of Commerce (CUCC) stated, “Attracting high-quality investment to Ukraine cannot occur without adequate investor rights, judicial reform, and a level playing field. TIU Canada is one of the larger Canadian investors in Ukraine. Its experience thus far, despite assurances at the highest levels, hinders investor confidence. We are deeply concerned and watching this case carefully.”

Meanwhile, Morgan Williams, President of the US – Ukraine Business Council (USUBC) added, “TIU Canada was one of the first North American private investors in green energy in Ukraine. The present court case is a real test of whether or not a major international investor can obtain a fair trial within the current judicial system in Ukraine. As everyone has known for a long time, Ukraine faces two main threats: Russia and internal corruption. TIU Canada invested heavily in Ukraine to build solar energy plants and help the country reduce its energy dependence on the aggressor state, Russia. Ironically now, after helping Ukraine to overcome one problem, TIU Canada is an unfortunate victim of Ukraine’s internal problem of corruption and the lack of political will on the part of the Government of Ukraine to take major steps to significantly reduce the massive levels of corruption instigated by a large number of powerful, well-financed, politically and legally connected, monopolistic corporations. The U.S.- Ukraine Business Council, calls on the Ukrainian government, the international community, and Ukraine’s judicial system to ensure a fair trial in this case involving TIU Canada and Nikopol Ferroalloy Plant. International investment flows into countries where businesses can operate under the rule of law, and USUBC knows many international investors are watching this legal case very closely.”

The 10.5 MW solar station was disconnected from the electricity grid by NFZ on March 2, 2020, despite the fact that Ukrainian law prevents electricity producers from being disconnected from the energy grid without their permission. TIU Canada is seeking an immediate reconnection to the electricity grid and plans to hold the NFZ and its shareholders fully accountable under the law. The main shareholders of the Nikopol Ferroalloy Plant are Igor Kolomoyskyi, Gennadiy Bogolyubov, and Viktor Pinchuk.

Unfortunately, this court ruling is just the latest in a series of setbacks for foreign investors in Ukraine. Last year Ukraine received only $200 million in foreign direct investment due to the lack of rule of law, widespread corruption, and the Covid pandemic. The corruption situation was exacerbated last year due to a kangaroo court ruling by Ukraine’s Constitutional Court which canceled the disclosure requirements for public officials.

TIU Canada directly and through its subcontractors employs more than 30 people in Ukraine whose jobs are now threatened by this illegal disconnection.

For Immediate Release:

(Kyiv, Ukraine) – The court case of TIU Canada against the Nikopol Ferroalloy Plant (NFZ) for illegal disconnection goes to trial today in the Kyiv Commercial Court (at 44B Bohdan Khmelnytskoho street). The 10.5 MW solar station was disconnected from the electricity grid by NFZ on March 2, 2020, despite the fact that under Ukrainian law, only electricity producers may authorize a disconnection from the electricity grid. TIU Canada is seeking an immediate reconnection to the electricity grid and plans to hold the NFZ and its shareholders fully accountable under the law. The main shareholders of the Nikopol Ferroalloy Plant are Igor Kolomoyskyi, Gennadiy Bogolyubov, and Viktor Pinchuk. Today’s hearing is the first trial date in the case (910/3844/20 ) from the conclusion of preliminary hearings last month.

TIU Canada directly and through its subcontractors employs more than 30 people in Ukraine whose jobs are now threatened by this illegal disconnection.

For Immediate Release:

(Kyiv, Ukraine) – TIU Canada, a leading solar energy producer in Ukraine, returned to the Kyiv Commercial Court today in their lawsuit against the Nikopol Ferroalloy Plant (NFZ) for illegally disconnecting its 10.5 MW solar station from the electricity grid in earlier this year. Despite Ukrainian energy laws that prevent electricity producers from being disconnected from the energy grid without their permission, the NFZ illegally cut TIU Canada’s connection on March 1, 2020. TIU Canada is seeking an immediate reconnection to the electricity grid and plans to hold the NFZ and its shareholders fully accountable under the laws ofUkraine. The main shareholders of the Nikopol Ferroalloy Plant are Igor Kolomoyskyi, Gennadiy Bogolyubov, and Viktor Pinchuk. Today’s hearing marked the final stage of the preliminary hearing and now the case moves to full consideration on January 13, 2021.

The Nikopol solar station owned by TIU Canada is on land leased long term from the city of Nikopol, however, entry to the facility is through a gate controlled by the NFZ. The solar plant connects to a substation on the grounds of the NFZ and later connects directly to the regional electricity transporter DTEK Dnipro Grids JSC. On December 23, 2019, TIU Canada received a letter from the General Director of the NFZ, that they would be disconnecting the TIU Canada connection to DTEK Dnipro Grids JSC via the substation on the grounds of the NFZ in order to make ‘repairs.’ The NFZ stated that they would begin the repairs after February 29, 2020, and TIU Canada immediately contacted the NFZ to seek solutions to avoid any disconnection. However, despite multiple discussions, the NFZ management and shareholders proceeded with disconnecting TIU Canada from the substation on the morning of March 1, 2020. This illegal disconnection has caused more than 1.5 million Euros of damage to TIU Canada already and increases daily.

The case is viewed as a test of the Zelensky’s administration’s commitment to protecting foreign investors. It should be noted that on July 3, while speaking to the Economic Club of Canada, Ukrainian President Volodymyr Zelensky praised the work of TIU Canada at the Toronto Ukraine Reforms Conference. He said, “We think about the future, that is why green energy will be one of the key sectors of our economy during the upcoming years. I know that we have here Canadian company TIU that already successfully works in this area. We are grateful to them for this – please, follow their example”.

TIU Canada is owned by the Calgary based Refraction 1 Fund and has been working in Ukraine since 2016. The company commissioned a 10 ½ megawatt solar energy plant in Nikopol, Ukraine, in January 2018, and an 11-megawatt solar station in the Mykolayiv region in April 2019. An additional 33 megawatts of solar electricity production have been commissioned in the Odesa region, for a total of 54 megawatts nationwide. TIU Canada has invested more than $65 million in Ukrainian solar energy over the last four years and was the first investor in Ukraine under the Canadian Ukrainian Free Trade Agreement (CUFTA).

TIU Canada directly and through its subcontractors employs more than 30 people in Ukraine whose jobs are now threatened by this illegal disconnection.

For Immediate Release:

(Kyiv, Ukraine) – TIU Canada, a leading solar energy producer in Ukraine, has sued the Nikopol Ferroalloy Plant (NFZ) for illegally disconnecting its 10.5 MW solar station from the electricity grid. Despite Ukrainian energy laws that prevent electricity producers from being disconnected from the energy grid without their permission, the NFZ illegally cut TIU Canada’s connection on March 1, 2020. TIU Canada is seeking an immediate reconnection to the electricity grid and plans to hold the NFZ and its shareholders fully accountable under the laws of both Ukraine and Canada. The main shareholders of the Nikopol Ferroalloy Plant are Igor Kolomoyskyi, Gennadiy Bogolyubov, and Viktor Pinchuk.

The hearing of the case will continue in the coming weeks. TIU Canada CEO Michael Yurkovich said, “this is a clear case of oligarchs pressuring a foreign investor and trying to steal assets. As a leader in corporate social responsibility in Ukraine, we had hoped this was a thing of the past in Ukraine, unfortunately, such practices continue. Nonetheless, we are mustering our resources and will fight this case in Ukraine, Canada, or any jurisdiction needed to win. Corruption must not be allowed to continue in Ukraine, and the rights of investors must be protected.” It should be noted that on July 3, while speaking to the Economic Club of Canada, Ukrainian President Volodymyr Zelensky praised the work of TIU Canada at the Toronto Ukraine Reforms Conference. He said, “We think about the future, that is why green energy will be one of the key sectors of our economy during the upcoming years. I know that we have here Canadian company TIU that already successfully works in this area. We are grateful to them for this – please, follow their example”. This case now becomes a test of President Zelensky’s commitment to protecting foreign investors in Ukraine from illegal disconnection and corrupt actions.

TIU Canada is owned by the Calgary-based Refraction 1 Fund and has been working in Ukraine since 2016. The company commissioned a 10 ½ megawatt solar energy plant in Nikopol, Ukraine, in January 2018, and an 11-megawatt solar station in the Mykolayiv region in April 2019. An additional 33 megawatts of solar electricity production have been commissioned in the Odesa region, for a total of 54 megawatts nationwide. TIU Canada has invested more than $65 million in Ukrainian solar energy over the last four years and was the first investor in Ukraine under the Canadian Ukrainian Free Trade Agreement (CUFTA).

TIU Canada directly and through its subcontractors employs more than 30 people in Ukraine whose jobs are now threatened by this illegal disconnection.