(Yicai Global) Oct. 23 -- China's State Grid will construct Europe's largest EUR1 billion (USD1.1 billion) onshore wind farm in Ukraine, the Chinese utility giant's first green energy project on the continent, aimed at improving the local electricity supply.

State Grid's unit China Electric Power Equipment and Technology penned an engineering, procurement, and construction contract with Norwegian wind park developer NBT regarding the Zophia Wind Farm, the Beijing-based parent said on its website. State Grid has also inked a pre-financing deal with an anonymous Chinese bank.

The project will be located in Central Ukraine's Zaporizhzhia and have a total capacity of 750 megawatts. Before this, State Grid has acquired stakes in power grids in Portugal, Italy, and Greece. 

State Grid continues to expand abroad as its network of investments in power grids already covers seven countries and regions, said General Manager Xin Bao'an.

Founded in 2002, State Grid ranks fifth in this year's Fortune Global 500. The CEPET is the main driver of the energy giant's engineering contracting business, operating in more than 40 countries and regions.

Editor: Emmi Laine