Major Wind Power Project in Ukraine Secures €157 Million in Financing

In a major step to enhance Ukraine's energy security and promote its transition to renewable energy, an international consortium has pledged €157 million of project financing for a significant private wind energy development.

The funding package, announced in Kyiv, combines sponsorship from the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and the Black Sea Trade and Development Bank (BSTDB). Contributions are also supplemented by the European Union, the United Kingdom, and the Climate Investment Funds' Clean Technology Fund (CTF).

The project, one of the earliest greenfield private energy projects in Ukraine since Russia's invasion began in 2022, is a key milestone towards restoring the country's power infrastructure, which has been repeatedly attacked. This initiative strengthens Ukraine’s energy independence and propels its broader climate objectives.

Major Financial Commitments from Global Players

The project is funded by €60 million each from the EBRD and IFC, and €37 million from BSTDB, with a total cost of €225 million (excluding VAT). The balance is provided by GNG Group (OKKO Group).

The funds will be used to build and operate wind farms in Ukraine, managed by Wind Power GSI Volyn LLC and Wind Power GSI Volyn 3 LLC. The farms will have a combined capacity of 147 MW, generating over 380 GWh of clean energy annually and reducing carbon emissions by 245,000 tons per year.

Strengthened Backing Through EU and UK Guarantees

The EBRD’s funding is backed by the EU’s Ukraine Investment Framework and the Hi-Bar guarantee program, supporting climate and energy resilience projects. IFC and BSTDB loans are also EU-secured, with the UK contributing £3.8 million as a first-loss guarantee.

Additionally, IFC mobilized €10 million from the CTF and provided technical assistance, supported by Austria’s Federal Ministry of Finance and Switzerland’s SECO, to optimize the project in Ukraine’s volatile market.

Vasyl Danyliak, CEO of OKKO Group said, "We are grateful to our partners for their long-term, sustainable cooperation, which is especially valuable during wartime — for both business and the country as a whole.”

He added, “This project addresses several key challenges at once. Firstly, it strengthens the country’s energy security and independence. Secondly, it advances the transition to zero-emission electricity production."

Also read: EBRD Grants €45.75M Loan to Albania’s OSHEE for Energy Upgrades

Long-Standing Partnerships and Future Goals

Since 2005, the EBRD and IFC have supported OKKO Group’s growth, including biofuels and Ukraine’s fuel retail network. Their new wind power initiative aligns with Ukraine’s EU integration and net-zero goals.

The project includes cybersecurity enhancements funded by the TaiwanBusiness-EBRD Technical Cooperation Fund. Since 2022, the EBRD has invested €6.5 billion in Ukraine and received a €4 billion capital boost for energy security and infrastructure. BSTDB continues supporting Ukraine's energy recovery.