The International Finance Corporation (IFC) has approved a decision to provide a EUR42 million long-term loan to Volyn West Wind-2 LLC and Volyn West Wind-3 LLC, both majority-owned by VI.AN Holding, a member of the OKKO Group, to finance the construction and operation of a 189 MW wind farm in Ukraine.
According to the bank’s materials, the total estimated cost of the wind farm construction project is EUR290 million.
The project is expected to receive support from partners, namely the European Commission under the Ukraine Investment Facility (EC-UIF) and the Economic Resilience Action Program for Ukraine (ERA Program), in particular from the Norwegian Agency for Development Cooperation (NORAD).
“The IFC’s additional role encompasses both financial and non-financial aspects. On the financial side, the IFC provides support in structuring a long-term financing package, which may include lending from its own funds, concessional financing, first-loss guarantees, and the mobilization of parallel loans,” the corporation stated.
At the same time, on the non-financial side, the IFC is strengthening the project’s financial resilience by providing support in assessing the electricity market. In addition to support during the pre-investment phase, the IFC will provide technical guidance to enhance the project’s capacity to manage environmental and social risks in accordance with IFC performance standards.
As previously reported, the IFC loan will be part of the project’s secured debt financing, which also involves the European Bank for Reconstruction and Development (EBRD) and the Black Sea Trade and Development Bank (BSTDB).
Specifically, on June 17, the EBRD also approved a decision to provide a long-term loan of up to EUR50 million to Volyn West Wind-2 LLC and Volyn West Wind-3 LLC—companies majority-owned by VI.AN Holding, a member of the OKKO Group— to finance the construction and operation of the aforementioned 189 MW wind farm in Ukraine.
The OKKO Group brings together more than 10 diverse businesses in the fields of manufacturing, trade, construction, insurance, services, and other sectors. The group’s flagship company is the “Galnaftogaz” concern, which operates one of the largest gas station chains in Ukraine under the “OKKO” brand, comprising approximately 400 gas stations.
The founder and ultimate beneficiary of the group is Vitaliy Antonov.
IFC, LOAN, RENEWABLE ENERGY, RES, ОККО
PJSC “VUSO Insurance Company” (Kyiv) collected 1 billion UAH in gross premiums in January–March 2026, which is 28.3% more than in the same period a year earlier; net premiums rose by 21.09% to 1.030 billion UAH, while net earned premiums rose by 49.87% to 1.240 billion UAH.
These figures are cited in a report by the rating agency “Standard-Rating” confirming the company’s financial stability rating at “uaAA” on the national scale for the specified period.
According to data on the RA’s website, premiums from individual policyholders increased by 20.05% to 748.602 million UAH during the specified period, while premiums from reinsurers decreased by 4.86% to 8.877 million UAH. Thus, the share of individual policyholders in the insurer’s gross premiums as of the end of the first quarter of 2026 was 59.87%, while the share of reinsurers was 0.71%.
Accrued reinsurance premiums ceded for the first quarter of 2026 increased by 77.94% to 220.729 million UAH compared to the same period in 2025. Thus, the reinsurers’ share of insurance premiums increased by 4.92 percentage points to 17.65%.
In the first quarter of 2026, VUSO Insurance Company paid out UAH 599.881 million to its clients, which is 53.71% higher than the volume of insurance payments and reimbursements for the first quarter of 2025. Consequently, the payout ratio increased by 7.92 percentage points to 47.98%.
The RA also notes that VUSO Insurance Company’s financial results for the reporting period showed significant growth: operating profit increased 2.71-fold to 145.193 million UAH, while net profit rose 3.85-fold to 157.749 million UAH.
As of April 1, 2026, the company’s assets increased by 4.23% to 3.266 billion UAH, equity rose by 15.75% to 1.159 billion UAH, liabilities decreased by 1.18% to 2.107 billion UAH,
and cash and cash equivalents decreased by 3.93% to 1.163 billion UAH.
The RA notes that as of the reporting date, the company had built up a portfolio of current investments in government bonds totaling 554.884 million UAH, which increased the insurer’s level of liquidity coverage; these assets collectively covered 81.53% of the company’s liabilities. In addition, the insurer’s balance in the MTIBU’s centralized insurance reserve funds amounted to 710.385 million UAH.
VUSO was founded in 2001. It is a member of the MTIBU and the UFS, a participant in the Direct Claims Settlement Agreement, and a member of the Nuclear Insurance Pool.
According to Serbian Economist, based on the latest data for the first quarter of 2026, Belgrade’s office market remains one of the most stable in Southeast Europe: vacancy rates are low, rents are rising, new supply is limited, and the bulk of future construction is concentrated in New Belgrade.
According to CBS International / Cushman & Wakefield, no new office buildings were completed in Belgrade during the first quarter of 2026, and the total modern office stock remained at 1.457 million square meters. Approximately 120 thousand square meters are currently under construction, of which about 47 thousand square meters are expected to be completed by the end of 2026. About 65% of the stock under construction is Class A.
The vacancy rate remains moderate at 5.53% for the market as a whole. This is a comfortable level for landlords and an indication that the market is not overheated by new supply.
Rental rates for Class A offices in Belgrade in the first quarter of 2026 ranged from 16.5 to 18.5 euros per square meter per month, while rates in the best prime-class buildings exceeded 19 euros per square meter per month. For Class B offices, the range was 12–14 euros/sq. m per month.
Key trend: Tenants are willing to pay more for new, energy-efficient, and well-located buildings, especially in New Belgrade. At the same time, older and lower-quality properties are not seeing the same price momentum.
In the first quarter of 2026, take-up totaled 23.09 thousand square meters. This is a modest figure for the start of the year, and the structure of demand indicates more cautious behavior on the part of tenants. Transactions of up to 500 square meters dominated the market, and the average transaction size decreased from 740 square meters at the end of 2025 to 608 square meters in the first quarter of 2026.
In its forecast for the SEE market, CBRE notes that Belgrade’s office stock grew by approximately 7% in 2025, and further expansion will proceed gradually, primarily in New Belgrade. Notable projects in the pipeline include Delta Tower, Panorama Office, Afi City Zmaj North and East, West Gate, and others.
It is important to note the difference in methodologies: CBS/Cushman & Wakefield estimates Belgrade’s total modern office stock at approximately 1.46 million square meters, while CBRE, in a separate report on Q1 2026, cites more than 1.104 million square meters of modern speculative office space. The discrepancy stems from the fact that companies may account for their own buildings, mixed-use projects, speculative stock, and the total modern stock in different ways.
Belgrade is not following the pattern seen in many Western markets, where office vacancy rates rose sharply after the pandemic. The reasons are different: a smaller volume of older institutional office stock, limited new supply, a concentration of demand in modern buildings, and the continued importance of the office for the IT sector, the financial sector, service companies, and international corporations.
The main risk is not an overall surplus of office space, but potential localized pressure on rental rates in certain new projects if several large properties enter the market simultaneously.
The TAS Group has begun actively investing in real estate development and is carrying out major construction projects in Kyiv, according to the group’s founder, Serhiy Tihipko.
He said the group has begun construction of 220,000 square meters in Obolon and has purchased an additional 5 hectares for this project.
“In 2027, we will begin construction of 350,000 square meters on the Left Bank. This is a fairly large investment,” said Tigipko.
Thus, real estate development is becoming one of the group’s key investment areas, alongside the financial sector and agribusiness.
Such projects are important for Kyiv’s real estate market, as they can increase the supply of residential and commercial space in major districts of the capital. At the same time, real estate development remains a capital-intensive sector that is sensitive to demand, construction costs, the availability of financing, and changes in the population’s purchasing power.
The TAS Group was previously known primarily as a financial and industrial group; however, its active construction of large-scale projects demonstrates an expansion of its interests into real estate and urban development.
GS “UKRSADVINPROM” celebrated its 10th anniversary by hosting a national roundtable titled “Local Grape Varieties: Heritage, Sustainable Development, and Rural Development.”
The event was attended by representatives of the Ministry of Economy, Environment, and Agriculture of Ukraine, industry associations, academia, the retail sector, the HoReCa sector, winemaking enterprises, and experts from the agricultural sector.
Deputy Minister Denys Bashlyk congratulated the Union on behalf of the ministry, noting UKRSADVINPROM’s contribution to the development of horticulture, viticulture, and winemaking in Ukraine.
Roundtable participants discussed the development of local grape varieties as a means of preserving Ukrainian identity, cultural heritage, and regional distinctiveness. It was noted that the competitiveness of Ukrainian winemaking should be built not only around the “Made in Ukraine” principle but also around the “Developed in Ukraine” approach, where domestic breeding achievements become part of the national brand.
Particular attention was paid to the need to create a Grape Register and conduct a comprehensive inventory of vineyards in accordance with EU approaches. Meeting these requirements could open up access for Ukraine to European industry support instruments following the country’s accession to the European Union.
Vladimir Pechko, Chairman of the “UKRSADVINPROM” Public Association, noted an alarming trend of shrinking vineyard areas. According to him, approximately 10,000 hectares are currently under vine in Ukraine, a situation that requires additional attention from both the government and the industry.
Participants in the event also emphasized the importance of supporting Ukrainian producers amid the war, developing craft winemaking, promoting Ukrainian wines in domestic and international markets, and enabling producers to participate in international exhibitions, professional presentations, and tasting events.
The “UKRSADVINPROM” General Association brings together participants in the horticulture, viticulture, and winemaking sectors; it participates in promoting Ukrainian products, developing industry policy, and protecting the interests of producers.
The Ministry of Energy of Ukraine has purchased domestic government bonds (OVDP) using funds from the financial reserve for the first time in nearly 20 years, the ministry announced on Wednesday.
“Nearly 400 million hryvnias have already been invested in government securities, and the total volume of such investments in 2026 will amount to approximately 785 million hryvnias,” the Ministry of Energy noted.
In the future, these funds will be used to finance the decommissioning of nuclear facilities.
As explained by the ministry, the purchase of OVDPs was the first step in implementing the mechanism for managing the financial reserve funds as provided for by law.
The financial reserve is formed through regular contributions from JSC “NAEK Energoatom,” which transfers 65.4 million UAH monthly to a special fund to ensure the future decommissioning of nuclear facilities. At the same time, for a long time, the reserve’s funds were not actually invested in financial instruments designed to preserve their value. As a result of inflation, the funds accumulated by 2025 have significantly lost their real value, the Ministry of Energy noted.
Investing the financial reserve in domestic government bonds will protect the funds from inflation, preserve their purchasing power, and ensure additional replenishment of the reserve through income from government securities.
“Ukraine is consistently developing a system of financial support for the future decommissioning of nuclear facilities in accordance with international obligations and global best practices,” the ministry emphasized.
Investing the financial reserve’s funds in OVDPs is a reliable and effective tool for managing state resources. This will help strengthen the financial stability of Ukraine’s nuclear safety system and enhance the state’s ability to fulfill its obligations in the field of nuclear and radiation safety, according to the Ministry of Energy.
ENERGOATOM, financial reserve, GOVERNMENT BONDS, MINISTRY OF ENERGY, nuclear safety
