The Amber Dragon Ukraine Infrastructure Fund I SCSp (Luxembourg) may acquire the Cypriot company Banoran Holdings Limited, which owns several Ukrainian companies involved in the Power One distributed energy project. According to information from the Antimonopoly Committee of Ukraine on its website, it granted the fund the relevant approval on Thursday, March 26.
Amber Dragon Ukraine Infrastructure Fund I, managed by Dragon Capital and Amber Fund Management Limited, announced its first project in Ukraine, Power One, at the Ukraine Recovery Conference in Rome in July 2025 (URC2025).
Later, Power One signed a loan agreement with the European Bank for Reconstruction and Development (EBRD) for €22.3 million to build 68 MW of decentralized generation capacity in Zakarpattia Oblast. This initiative also received €3 million in grant funding from the EBRD Crisis Response Special Fund, which is supported by the Norwegian government.
The project involves the installation of three gas piston units (36.8 GVA) and three energy storage systems (31.5 GVA) across six sites. Projects at three sites were scheduled to launch in November 2025, and at the other three in April 2026.
According to information from YouControl, Banoran Holdings currently owns four LLCs: “Power 1,” “Power 1 Center,” “Power 1 Lviv” (all three in Kyiv), and “Power Forest” (Zhytomyr).
In turn, Banoran Holdings is owned by the family trust of Tomas Fiala, the founder and chairman of the investment company Dragon Capital.
The AMCU’s issuance of a permit to Amber Dragon Ukraine Infrastructure Fund I is a step toward fulfilling prior agreements to transfer the project to this fund.
Additionally, it was reported that Power One’s operating partner is the company “Nedzhen,” owned by former head of NPC “Ukrenergo” Volodymyr Kudrytskyi and his colleague Andriy Nemirovskyi.
Amber Dragon Ukraine Infrastructure Fund I has a target volume of 350 million euros. In January of this year, the fund announced its first closing of €200 million, in which the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the International Finance Corporation (IFC) of the World Bank Group, Swedfund, and Impact Fund Denmark participated.
Yevgen Baranov, Managing Director and Head of Infrastructure at Dragon Capital, announced at URC2025 in Rome in July 2025 that over the past year, Dragon Capital and Amber have built a robust portfolio of projects capable of absorbing even more capital than the fund plans to raise.
The fund’s presentation at URC2025 noted that its strategy involves investing in controlling stakes or co-investing with like-minded partners, with an average investment size ranging from €20 million to €50 million.
In December, Baranov clarified that the focus is primarily on energy projects, but also on transportation and digital infrastructure, as the war has created “huge shortages.”
“When we talk about projects ranging from €30 million to €50–70 million, that is the range where we feel most comfortable. And starting in January or February of next year, we will begin investing more actively,” Baranov said late last year.
Dragon Capital is one of Ukraine’s largest investment groups in the field of investment and financial services, providing a full range of investment banking and brokerage services, direct investments, and asset management for institutional, corporate, and private clients. The company was founded in 2000 in Kyiv. According to Fiala, the group’s investment portfolio includes nearly 50 different companies or real estate projects. From 2015 to 2021, the company invested approximately $700 million in Ukraine, excluding reinvestments; in 2025, it invested nearly $100 million and plans to exceed this figure in 2026.
