The European Bank for Reconstruction and Development (EBRD) plans to sign an agreement at URC 2026 to provide a long-term loan of up to 50 million euros to Volyn West Wind-2 LLC and Volyn West Wind-3 LLC (Volyn Oblast) for the development and construction of a 189 MW wind farm in Ukraine.
“The total amount of debt financing is 191.3 million euros, provided by a consortium of five international development finance institutions: IFC, EBRD (up to 50 million euros), BSTDB, BI Ukraine Limited, and Swedfund International AB,” according to the project description in the EBRD’s indicative action plan for URC 2026 on Thursday.
It is noted that the project will receive a guarantee and funds for technical assistance under the European Union’s Ukraine Investment Framework Hi-Bar program.
The loan itself will be used to finance the purchase of wind turbines, construction of the power plant’s infrastructure, civil and electrical engineering works, as well as related infrastructure.
It is noted that the borrowers are controlled by VI.AN Holding, which is part of OKKO Group AG.
As previously reported, a few days earlier, the EBRD decided to provide a long-term loan of up to 50 million euros to Volyn West Wind-2 LLC and Volyn West Wind-3 LLC for a 189 MW wind farm, while the IFC decided to provide a 42 million euro loan to these companies.
OKKO Group unites 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 Ukraine’s largest gas station chains under the “OKKO” brand, comprising approximately 400 gas stations.
The founder and ultimate beneficiary of the group is Vitaliy Antonov.
On June 17, the European Bank for Reconstruction and Development (EBRD) 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, 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 EBRD loan will be part of the project’s secured debt financing, with participation from the International Finance Corporation (IFC) and the Black Sea Trade and Development Bank (BSTDB).
The project will also receive guarantee support and grant funds for technical assistance from the European Union under the Ukraine Investment Framework through the HI-BAR program, which reduces risks for investors and helps attract funding to renewable energy and climate technology projects.
Against the backdrop of significant losses in power generation capacity due to the war, this investment is expected to help reduce the electricity shortage, support decarbonization, and strengthen the private sector’s role in the development of renewable energy.
According to the bank’s estimates, the new wind farm will generate approximately 467 GWh of electricity annually and reduce CO2 emissions by about 300,000 metric tons per year. The total cost of the project is estimated at EUR262 million.
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 Ukraine’s largest gas station networks under the “OKKO” brand, comprising approximately 400 gas stations.
The founder and ultimate beneficiary of the group is Vitaliy Antonov.
As previously reported, in April 2025, the EBRD, IFC, and the Black Sea Trade and Development Bank (BSTDB) announced a EUR157 million loan to the “Galnaftogaz” Group for a 147 MW wind farm in the Volyn region.
The European Bank for Reconstruction and Development (EBRD) has approved a EUR15 million senior loan for Kharkiv to restore its centralized heating system, backed by a EUR17 million grant from the European Union, the bank announced on its website.
“The loan is part of a broader financing package that also includes a EUR17 million investment grant from the European Union. Given the risks posed by the war, the loan will also receive a partial guarantee from the EU based on first-loss coverage,” the statement said, noting that the project is awaiting final approval.
The loan and EU grant funds will finance the purchase of up to 22 small and medium-sized modular natural gas-fired boiler plants, along with cogeneration units, as well as five small cogeneration units in existing boiler plants.
The project’s implementation will restore centralized heat supply services, which were interrupted in February 2026 following critical damage to Kharkiv Combined Heat and Power Plant No. 5. The total annual reduction in greenhouse gas emissions from the project is estimated at 19,091 metric tons of CO2-eq.
CHP-5, EBRD, EU, heat supply, KHARKIV
Norway is allocating over €9 million to repair the protective sarcophagus covering the Chernobyl Nuclear Power Plant following damage caused by a Russian drone, the Norwegian Embassy in Ukraine reported.
“Norway is allocating 100 million kroner (approximately 9.1 million euros – IF-U) for the repair of the protective structure covering the No. 4 reactor at the decommissioned nuclear power plant in Chernobyl. The structure was damaged as a result of a Russian drone strike in February 2025.”
The aid will be provided through the European Bank for Reconstruction and Development (EBRD) fund, the International Chornobyl Cooperation Account (ICCA).
State Secretary Eivind Vad Petersen announced the support during a visit to Kyiv, also mentioning the incident on June 7, when a spent nuclear fuel storage facility in the Chernobyl zone was hit by a Russian strike.
“These attacks also pose a threat to European and international security. Norway will make efforts to reduce the risk of radioactive emissions and ensure that the Chernobyl NPP continues to operate safely,” Petersen said.
In April, the U.S. expressed its readiness to provide up to $100 million as part of the Group of Seven’s joint efforts to repair the new sarcophagus over the Chernobyl NPP. Ahead of the 40th anniversary of the Chernobyl accident, the EU called on Russia to stop attacks on nuclear facilities in Ukraine.
On June 12, the European Bank for Reconstruction and Development (EBRD) plans to approve a loan of up to EUR 15 million for Kharkiv to restore heat supply following critical damage in February 2026 to the city’s largest combined heat and power plant, CHPP-5.
According to the bank’s materials, the financing is planned to be used to purchase up to 22 small and medium-sized modular gas-fired boiler houses with cogeneration units, as well as five small cogeneration units for existing boiler houses.
The loan is part of a broader EUR32 million package, which also includes an investment grant from the European Union (EU) of up to EUR17 million.
Given the war risks, the EBRD loan is also expected to receive a partial EU guarantee to cover first-loss risk.
According to the EBRD’s estimates, the project will reduce greenhouse gas emissions by 19,100 metric tons of CO2 equivalent per year.
It is noted that the project is expected to restore access to basic heat supply services for a broad and vulnerable group of consumers, including 99,300 residents—more than 16,500 of whom are internally displaced persons (IDPs)—as well as 23 educational institutions and seven medical facilities.
According to the EBRD, as of early 2026, 212,000 IDPs were officially registered in Kharkiv.
The project is being implemented under the Resilience and Livelihoods Facility (RLF) program.
EBRD, EU, heat supply, KHARKIV, TPP-5
The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are expanding their support program for micro, small, and medium-sized enterprises (MSMEs) and larger companies in Ukraine, which will enable the mobilization of EUR2 billion in new financing through EBRD partner banks thanks to EUR315 million in additional EU support, the financial institution announced on its website.
The additional EU support is being implemented through the Ukraine Investment Framework (UIF) program and includes EUR200 million in guarantees, EUR105 million in grants, and EUR10 million in technical assistance.
As noted in the press release, the new package is expected to provide loans to at least 3,000 MSMEs and preserve approximately 180,000 jobs.
Funds will be provided through the EBRD’s partner financial institutions in Ukraine. According to the bank’s assessment, the expansion of the program should support businesses’ access to financing amid the war, particularly against the backdrop of rising borrowing costs, disrupted logistics, and companies’ need to replace or modernize damaged equipment.
Ukrainian companies will be able to receive investment incentives in the form of EU grants to cover 10% to 30% of the cost of critical capital investments, primarily in high-efficiency and “green” technologies.
At least 50% of these grant incentives will be directed toward priority categories of MSMEs: enterprises with assets damaged or destroyed as a result of the war, businesses in frontline zones, veteran-owned companies, enterprises supporting the reintegration of internally displaced persons and people with disabilities, micro-companies, startups, small farms, as well as businesses led by women and young people.
The program also provides for support to restore activity in Ukraine’s insurance market, specifically the development of solutions for insuring military risks. As part of a pilot project, insurance subsidies are planned to be provided to MSMEs.
Part of the expanded support will be implemented through the Enterprise Security Enhancement (ESE) mechanism, which the EBRD is rolling out on a pilot basis in collaboration with partner financial institutions in Ukraine. It allows banks to reduce the debt burden for borrowers whose assets have been damaged by the war.
To implement this mechanism, it is planned to use EUR 200 million in first-loss guarantees provided by the EU as part of the new phase of the program. Such coverage of credit risk associated with the loss of assets due to the war is intended to support lending for capital investments and the continuity of economic activity.
This support builds on the first phase of the Financial Inclusion Recovery Program, which confirmed significant demand from Ukrainian businesses for financing through partner banks.
As reported, in May the EBRD launched a pilot ESE donor mechanism in Ukraine to partially write off business debt on investment loans in the event of damage to financed assets resulting from hostilities: with PrivatBank—in the amount of EUR 6.8 million, and with Raiffeisen Bank—EUR 1.2 million.
In 2025, the EBRD allocated a record EUR2.9 billion in financing to Ukraine, including EUR1.2 billion through partner financial institutions, as well as EUR504 million under portfolio risk-sharing programs, which facilitated new lending of up to EUR1.6 billion.
