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
The International Finance Corporation (IFC), a member of the World Bank Group, has decided to provide a EUR 70 million loan for the construction of a 120 MW wind farm in the Odesa region with a total cost of EUR 231 million.
“IFC is supporting the project during the pre-investment phase to enhance its financial attractiveness, particularly with regard to electricity market analysis and power purchase agreements,” the corporation stated on its website.
The project is expected to receive support from partners of the Action Program for Enhancing Ukraine’s Economic Resilience (“ERA Program”), including the Norwegian Agency for Development Cooperation (NORAD), the Government of the French Republic, and the European Commission under the Ukraine Investment Facility (EC-UIF), as noted in the “Blended Finance” section
According to the corporation, the project is being implemented by a specialized company registered in Ukraine.
At the same time, according to the IFC, the project is majority-owned by the German company Notus Energy GmbH, which operates more than 1.6 GW of wind power capacity worldwide. The project’s shareholder structure also includes minority shareholders in the form of Horizon Capital, a private investment firm operating in Ukraine and Moldova, through its recently established Catalyst Fund and Green for Growth Fund.
As explained by the IFC, the additional benefits of the corporation’s participation in this project are both financial and non-financial in nature. In particular, the financial value stems from the financing structure, as the IFC is providing a loan with a maturity of up to 17 years. The IFC will also help attract additional financing for the project.
“The non-financial value lies in reducing non-commercial risks, as the IFC’s presence is expected to boost investor confidence in a challenging market,” the corporation noted.
IFC is also providing technical support to help the project enhance its financial attractiveness, particularly in terms of market analysis and power purchase agreements.
Horizon Capital manages six private equity funds (with over 40 institutional investors) totaling $1.6 billion in assets, including WNISEF ($150 million), the Emerging Europe Growth Fund (EEGF, $132 million), EEGF II ($370 million), EEGF III ($200 million), HCGF II ($258.3 million), and HCGF IV ($350 million). The funds have invested in 191 companies, which employ over 80,000 people in Ukraine and Moldova.
As previously reported, on June 17, the European Bank for Reconstruction and Development (EBRD) also approved a decision to provide a loan of up to EUR 65 million for the construction of the aforementioned 120 MW wind farm in the Odesa region.
IFC, Notus Energy, ODESA REGION, RENEWABLE ENERGY, WIND FARM
The International Finance Corporation (IFC) is implementing the “Digital Finance Future Ukraine” advisory project in Ukraine with an estimated total budget of $2.83 million, aimed at developing digital financial services and attracting private capital, according to the corporation’s website.
According to the IFC, the project aims to expand access to financing for the general public and small and medium-sized businesses by promoting digital financial services as part of Ukraine’s recovery efforts.
The project involves collaboration with government agencies, financial institutions, fintech companies, as well as participants in the venture capital and private equity markets.
It is noted that the project, approved by the IFC on May 6, 2026, consists of three components.
The first component aims to align Ukrainian legislation and the regulatory environment in the field of digital financial services with European Union standards.
The second component is aimed at modernizing financial infrastructure and attracting private capital to the fintech sector, in particular through the development of open banking, venture capital, and direct investments.
The third component is designed to promote cooperation, innovation, and regional integration of the fintech market, as well as to provide its participants with the tools and knowledge needed to expand digital financial services and broaden access to capital.
The project is expected to be completed by March 31, 2030.
According to data on the IFC website, since the start of the full-scale invasion, the amount of financing provided by the corporation in Ukraine had reached $2.8 billion as of February 2026; in particular, over $1 billion was mobilized from partners and donors.
The International Finance Corporation (IFC) is considering providing a EUR42 million long-term loan to Volyn West Wind-2 LLC and Volyn West Wind-3 LLC, which are 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.
As noted in the bank’s materials, the possibility of providing the loan will be considered at a meeting of the IFC Board of Directors on June 15, 2026; the total estimated cost of the wind farm construction project is EUR262 million.
“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, IFC is strengthening the project’s financial sustainability by providing support in assessing the electricity market. In addition to support during the pre-investment phase, IFC will provide technical guidance to enhance the project’s capacity to manage environmental and social risks in accordance with IFC performance standards.
As 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).
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 reported, in April 2025, the EBRD, IFC, and CEB announced a EUR157 million loan to the “Galnaftogaz” group for a wind farm in the Volyn region.
Indonesia intends to transform Bali from a primarily tourist destination into an international financial hub capable of competing for capital with Singapore, Hong Kong, Dubai, and London.
The Kura Kura Bali SEZ is set to become the project’s key hub. Indonesian authorities view it as a future financial cluster where investment firms, family offices, funds, and technology and service companies focused on international capital can be based.
Indonesia’s Coordinating Minister for Economic Affairs, Airlangga Hartarto, stated that the development of a financial center in Bali demonstrates the country’s transition to an economy with higher value-added. According to him, global competition today is not only in the sphere of raw material exports but also for the role of a regional center for finance, innovation, and investment.
The project is linked to Indonesia’s broader goal of reducing the economy’s dependence on commodity cycles, tourism, and traditional industries. The authorities want Bali to become not only a resort but also a hub for capital management, international business, technology projects, and investment structures.
For the real estate market, this could become a new driver of demand. If the project is implemented, interest in office, residential, and hotel real estate in Bali could grow, as well as in mixed-use properties targeting expats, entrepreneurs, financial professionals, and investors. This could be particularly noticeable in areas connected to Kura Kura Bali and the infrastructure of the future business cluster.
However, experts point out that Bali’s path to becoming a full-fledged financial center will be challenging. The island will have to compete with established hubs that already have developed financial regulation, a judicial system, banking infrastructure, international talent, and the trust of institutional investors. The South China Morning Post notes that the project faces systemic and infrastructure constraints, despite its ambitious agenda.
The International Finance Corporation (IFC), a member of the World Bank Group, will acquire a stake in Knyazha Vienna Insurance Group (Knyazha VIG) and Ukrainian Insurance Group (USG) (both based in Kyiv), owned by Vienna Insurance Group (VIG), through a capital increase.
According to a press release from Knyazha VIG, subject to regulatory approvals, IFC will acquire approximately 20% in each of the two VIG companies, USG and Knyazha VIG.
The relevant agreement has been signed by IFC, VIG Holding, and the two Ukrainian companies.
“Thanks to the support and extensive expertise of IFC as a key partner, VIG plans to promote the development of the Ukrainian insurance market and further strengthen its position in Ukraine. IFC will provide support in the development of new products, sales development, and digitalization,” the statement said.
In addition, it is noted that with the support of the IFC, the companies plan to expand their product portfolio and accelerate digitalization. Building on its existing partnership with AON and Lloyd’s, VIG also intends to play an active role in the reconstruction of Ukraine after the end of the war.
“We have been working with the IFC since the end of 2022, when they acquired a stake in our Bulgarian pension fund Doverie. In Bulgaria, the main focus is on developing the pension business. In Ukraine, however, expanding insurance coverage is key to the country’s future reconstruction. Together with the IFC and our existing partners AON and Lloyd’s, we are preparing to play an active role in the country’s renewal process,” emphasized Peter Göflinger, Deputy CEO of Vienna Insurance Group.
According to Harald Riener, member of the Vienna Insurance Group’s Executive Board responsible for the Ukrainian market, Ukraine is and will remain part of VIG’s key market in Central and Eastern Europe.
“We are extremely proud of the resilience of our Ukrainian colleagues, whose unwavering dedication ensures the stability and profitability of companies even in the difficult conditions of war. Together with IFC, we are combining the experience of our teams and partners to offer highly sought-after insurance solutions for the country’s reconstruction after the end of the war, which we all sincerely hope for,” he said.
VIG has been operating in Ukraine for 21 years. The company currently ranks second in the market with an 11% share. Three VIG companies in Ukraine — USG, Knyazha VIG, and Knyazha Life VIG — achieved insurance premiums of EUR128 million in 2024.
