Agro-industrial holding Astarta, Ukraine’s largest sugar producer, and the International Finance Corporation (IFC) have signed a $40 million loan agreement to build Ukraine’s first soy protein concentrate plant, the agro-industrial holding’s press service said on Facebook.
Astarta noted that this investment is part of a financing package of up to $80 million approved by the IFC Board of Directors on April 1, 2025.
It is noted that the funds are secured by guarantees from the European Commission under the Ukraine Investment Framework and the Dutch government in support of the IFC Economic Resilience Action (ERA) program. The investment will contribute to job creation, increased competitiveness of the agricultural sector, and export diversification.
“This investment is an example of how strategic international partnerships transform challenges into long-term opportunities for Ukraine. By launching the country’s first soy protein concentrate production facility, we are integrating our country into global food chains, promoting economic recovery, industrial modernization, and job creation. Astarta is implementing this project as part of its sustainable agribusiness development strategy,” emphasized Viktor Ivanchik, CEO and founder of the agricultural holding company.
Alfonso Garcia Mora, IFC Vice President for Europe, Latin America, and the Caribbean, expressed confidence that this investment will help Ukraine produce more high-value agricultural products and move up the value chain.
“By improving the competitiveness of the agricultural sector and its integration into European markets, we aim to support recovery, job creation, and resilience,” he said.
According to European Union Ambassador to Ukraine Katarina Mathernova, whose words are also quoted in the press release, Astarta’s new plant is an example of how joint efforts bring real results for Ukraine’s future.
In turn, the Ambassador of the Kingdom of the Netherlands to Ukraine, Alle Dorgaut, noted that the Netherlands is pleased to contribute to the construction of Ukraine’s first soy protein concentrate plant.
“The IFC Economic Resilience Action (ERA) program provides support to critical sectors during the Russian invasion, including agribusiness (…) IFC’s investments in Ukraine are crucial, especially in the context of war, to ensure the vital recovery of the Ukrainian economy. In this context, international financial institutions, including the IFC as part of the World Bank Group, play a key role,” he stressed.
Astarta added that, in partnership with the Czech government, the IFC will also support the agricultural holding in conducting market and marketing research in Ukraine and provide advice on supporting local communities, youth, and older workers, facilitating the reintegration of veterans.
As reported, on April 1, the IFC approved a project to provide Astarta with an $80 million financing package for the construction of a soy protein concentrate plant in the Poltava region. The package will consist of: (i) a Loan A of up to $50.7 million from the IFC’s own resources, (ii) a loan of up to $24.4 million from the IFC, acting as the implementing agency for the Economic Resilience Program for Ukraine (ERA) with support from the Netherlands, and (iii) a Loan B of up to $40 million to be provided to the participants, provided that the total amount of the loans does not exceed $80 million.
In 2024, Astarta began investing in the construction of a soybean meal processing plant with a capacity of 500 tons/day (approximately 100,000 tons/year) at the Globinsky Industrial Complex (Poltava region). The agricultural holding will invest over EUR 76 million in the purchase of equipment and technologies and create 110 new jobs.
Astarta and its structural unit Astarta Agro Protein signed the first investment agreement with the Ukrainian government to receive compensation from the state for significant investments. Under the agreement, the state will provide the agricultural holding with a number of incentives, including exemption from import duties on new equipment, import VAT on new equipment, and income tax for up to five years.
Astarta is a vertically integrated agro-industrial holding company operating in eight regions of Ukraine and the largest sugar producer in Ukraine. It comprises six sugar factories, agricultural enterprises with a land bank of 220,000 hectares, dairy farms with 22,000 head of cattle, an oil extraction plant in Hlobine (Poltava region), seven elevators, and a biogas complex.
In the first nine months of 2024, Astarta increased its net profit by 35.1% compared to the same period in 2023, to EUR75.60 million. The agricultural holding’s revenue grew by 12.6% to EUR441.46 million, and EBITDA by 12.8% to $131.56 million.
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 December 10, 2024, the International Finance Corporation (IFC) of the World Bank Group plans to consider a EUR55 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 EUR 235 million. The 16-year loan will be granted to Wind Power G.I. Volyn LLC and Wind Power G.I. Volyn 3 LLC.
As reported earlier, the European Bank for Reconstruction and Development (EBRD) plans to approve a EUR62 million long-term loan to the above-mentioned LLC on 4 December 2024 for the construction of a 147 MW wind farm in 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 acquire more than 50% of the authorized capital of Wind Power G&I Volyn LLC and Wind Power G&I Volyn 3 LLC.
According to public 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 work on the 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.
The International Finance Corporation (IFC) of the World Bank Group is considering a $40 million loan and a $40 million parallel loan to Ukraine’s largest sugar producer, Astarta, for the construction of a soy protein concentrate plant in Poltava region.
“The proposed investment is an IFC A loan of up to $40 million and a parallel loan of up to $40 million to Astarta Agro Protein Ukraine LLC, a subsidiary of Astarta Holding PLC, to finance the capital expenditures for a prospective soy protein concentrate (SPC) plant in Central Ukraine,” IFC said on its website.
It is noted that IFC has already assisted the agricultural holding in conducting market research, preparing a business plan for the project, and assessing its commercial viability in order to interact with potential investors.
It is specified that the IFC Board of Directors plans to consider this project on December 20 this year.
As reported, in 2024, Astarta began investing in the construction of a plant for processing soybean meal into soy protein concentrate with a capacity of 500 tons per day (about 100 thousand tons per year) in the Globinsky Industrial Complex (Poltava region). The agricultural holding will invest over EUR76 million in equipment and technology and create 110 new jobs.
“Astarta and its structural unit Astarta Agro Protein signed the first investment agreement with the Ukrainian government to receive compensation from the state for significant investments. As part of the agreement, the government will provide the agricultural holding with a number of incentives, including exemptions from import duties on new equipment, import VAT on new equipment and income tax for up to 5 years.
IFC recalled that Astarta commissioned a soybean processing plant in Globyno in December 2013. In 2023, it processed 232 thousand tons of soybeans, 73% of which were grown by the agricultural holding, and produced 172 thousand tons of soybean meal. In the first half of 2024, the share of the plant’s own raw materials increased to 90%.
Soy concentrate is produced by processing soybean meal with higher added value. It is used as a raw material for animal feed production.
If approved, this will be IFC’s fifth investment in Astarta since 2012.
“Astarta is a vertically integrated agro-industrial holding company operating in eight regions of Ukraine. It includes six sugar factories, agricultural enterprises with a land bank of 220 thousand hectares and dairy farms with 22 thousand cattle, an oil extraction plant in Globyno (Poltava region), seven elevators and a biogas complex.
In 2023, the agricultural holding reduced its net profit by 5.0% to EUR 61.9 million, and its EBITDA decreased by 6.1% to EUR 145.77 million, while revenue increased by 21.3% to EUR 618.93 million.
“In January-September 2024, Astarta increased its net profit by 35.1% to EUR75.60 million, EBITDA by 12.8% to $131.56 million, with revenue up 12.6% to EUR441.46 million.
The World Bank Group’s IFC plans to mobilize about $345 million to build a new 350 MW wind power capacity in Ukraine, the corporation said on its website on Wednesday.
The report said the initiative was presented among other initiatives aimed at supporting Ukraine at the URC-2024 recovery conference in Berlin.
Now these projects, which are planned to be implemented in order to improve energy security and support further development of renewable energy in Ukraine, are undergoing due diligence and awaiting approval by the IFC management and Board of Directors, the corporation specified.
As reported, at URC-2024, Knud Rissel, commercial director of the German company Notus Energy, said that it is engaged in the implementation of a 300 MW WPP project in the Odessa region, the first phase of which will be 120 MW.
“We already have all the permits, in particular those related to land. Banks are supporting us, although they are taking a risk by supporting us. But we are all ready to work even under martial law,” he said.
According to Rissel, the company also signed some agreements on the project realization at this conference.
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