The International Finance Corporation (IFC) from the World Bank Group has signed documents on December 20, 2024 to provide Concern Galnaftogaz with a $53.87 million loan to finance the construction of a 147 MW wind power plant in Volyn region and technical support.
According to information on the IFC website, the total cost of the project is estimated at EUR261 mln (including VAT), the 16-year loan is granted to the established project companies Wind Power Plant Volyn LLC and Wind Power Plant Volyn 3 LLC, which are controlled by GNG Retail Limited and its subsidiary Concern Galnaftogaz (together – GNG Group).
It is indicated that the project involves mixed financing, including from the UK-FCDO and EC-UIF, as well as the Clean Technology Fund.
Earlier, on December 4, participation in the project was also approved by the European Bank for Reconstruction and Development (EBRD), which also signed documents on granting the above-mentioned LLCs a long-term loan of EUR60 million for the construction of a 147 MW wind power plant in Volyn region.
The WPP is expected to generate about 380 GWh (380 million kWh) of zero-carbon renewable electricity annually.
In February 2024, the Antimonopoly Committee of Ukraine (AMCU) authorized GNG Retail Limited (Cyprus) to buy more than 50% in the authorized capitals of Wind Power Group Volyn LLC and Wind Power Group Volyn 3 LLC. According to the data of public registers, GNG Retail Limited owns 89.5% in the two LLCs, while ZNVKIF Rimini JSC (in which Vitaliy Antonov owns 83.19%) – 10.5%.
OKKO CEO Vasyl Danilyak announced the start of work on the construction of a wind power plant in Volyn region in the fall of 2024. He explained the group’s plans to work in the RES sector by the need to diversify its business, as the fuel market is no longer expected to grow.
“Galnaftogaz” operates one of the largest networks of filling stations OKKO, which has more than 400 complexes with a network of catering establishments. The concern also includes other businesses.
Vitaly Antonov’s GNG Retail Limited owns 90.25% of Concern Galnaftogaz. Avalia Investments Limited (Cyprus) of Igor Mazepa, founder and head of Concorde Capital, became the owner of another 7.35% of shares in October 2024.
On December 20, 2024, the International Finance Corporation (IFC) of the World Bank Group signed documents to provide a $53.87 million loan to Concern Galnaftogaz to finance the construction of a 147 MW wind farm in Volyn region and technical support.
According to the IFC website, the total cost of the project is estimated at EUR261 million (including VAT), with a 16-year loan provided to the established project companies Wind Power G&I Volyn LLC and Wind Power G&I Volyn 3 LLC, controlled by GNG Retail Limited and its subsidiary Concern Galnaftogaz (together – GNG Group).
It is noted that the project involves the attraction of mixed financing, in particular from the UK-FCDO and EC-UIF, as well as the Clean Technology Fund.
Earlier, on December 4, participation in the project was also approved by the European Bank for Reconstruction and Development (EBRD), which has also already signed documents to provide the above-mentioned LLCs with a long-term loan of EUR 60 million for the construction of a 147 MW wind farm in the Volyn region.
The wind farm is expected to produce about 380 GWh (380 million kWh) of renewable electricity with zero carbon emissions annually.
In February 2024, the Antimonopoly Committee of Ukraine (AMCU) allowed GNG Retail Limited (Cyprus) to buy more than 50% of the authorized capital of Wind Power G&I Volyn LLC and Wind Power G&I Volyn 3 LLC. According to open registers, GNG Retail Limited owns 89.5% of the two LLCs, and JSC ZNVKIF Rimini (in which Vitaliy Antonov owns 83.19%) owns 10.5%.
OKKO CEO Vasyl Danyliak announced the start of construction of a wind farm in Volyn region in the fall of 2024. He explained the group’s plans to work in the renewable energy sector by the need to diversify its business, as the fuel market no longer foresees growth.
“Galnaftogaz operates one of the largest networks of OKKO filling stations, which includes more than 400 complexes with a network of catering facilities. The group also includes other businesses.
Vitaly Antonov’s GNG Retail Limited owns 90.25% of Concern Galnaftogaz shares. In October 2024, Avalia Investments Limited (Cyprus) of the founder and chairman of Concorde Capital, Igor Mazepa, became the owner of another 7.35% of the shares.
On Thursday, the Antimonopoly Committee of Ukraine (AMCU) allowed GNG Retail Limited (Nicosia, Cyprus), a holding company of Galnaftogaz, to acquire stakes in the authorized capital of Gadz-Agro LLC with a land bank of 25 thousand hectares and Ukrpolfrukt LLC (both in Tribukhivtsi village, Buchach district, Ternopil region).
According to the agency’s website, applications for the acquisition of shares were received by the AMCU on March 29, 2024, the size of the shares is not specified.
According to the website, Gadz-Agro was founded in 2004 in Chortkiv district of Ternopil region and currently leases about 25 thousand hectares located in one area in three districts of Ternopil region. The company is engaged in the production and sale of basic and certified seeds, cultivation and storage of grain and industrial crops, their trade, production of flour and cereals, as well as breeding of dairy cattle. Petro Gadz owns 100% of Gadz-Agro.
According to the Opendatabot project, in 2023, the company reduced its net profit by 28.2 times to UAH 11.49 million, while its revenue increased by 19.1% to UAH 2 billion 274.15 million and its assets increased by 20.1% to UAH 4 billion 247.65 million. During the year, the number of employees increased by 35 people to 1,017.
Ukrpolfrukt LLC was established in 2017 and specializes in growing berries, nuts, pome and stone fruits, fruit trees and shrubs, and nursery farming. Petro Gadz owns 75% of the company, while Taras Melnyk and Oleg Hrytsak own 15% and 10%, respectively.
In 2023, the company increased its profits and assets by 4.2 times to UAH 2.182 million and UAH 11.22 million, respectively. At the same time, the company’s debt obligations increased 16.8 times to UAH 6.75 million, and revenue decreased by 33.4% to UAH 7.39 million. It has 1 employee.
GNG Retail Public Limited is the holding company of Galnaftogaz. It owns 90% of the shares. The founder and ultimate beneficiary of the group is Vitaliy Antonov, and the European Bank for Reconstruction and Development owns a minority stake in GNG Retail Public Limited.
In addition, on Thursday, the AMCU granted permission for Saroubas Limited, a company controlled by Antonov, to purchase more than 50% of Developer AV LLC and Developer VD LLC, which organize the construction of buildings (both in Lviv), owned equally by Israeli citizen Alon Holstein and Austrian citizen Maximilian Dejako through Cyprus-based Pleinmont Capital Ltd.
JSC Galnaftogaz Concern in January-March 2020 reduced its net profit by 7% compared to the same period in 2019, to UAH 318.852 million, according to the company data published in the information system of the National Securities and Stock Market Commission.
The company’s net income for the reporting period amounted to UAH 504.867 million, which is 31.7% less than a year earlier, gross profit increased by 5.2%, to UAH 265.998 million.
Galnaftogaz Concern operates one of the largest fuel fulling station chains in Ukraine. It includes about 440 filling stations, most of them under the OKKO brand. Among the minority shareholders is the European Bank for Reconstruction and Development (EBRD).
According to preliminary data, in 2019 Galnaftogaz increased its net profit by 76% compared to 2018, to UAH 945.192 million.
