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
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) is building a portfolio of private investments in renewable energy and battery energy storage systems (BESS) in Ukraine for 2026, with a total capacity of over 1 GW.
“The EBRD is building a portfolio for 2026 and plans to support such transactions as early as this year,” the EBRD’s Ukraine Facebook page reported on March 24.
Specifically, the EBRD plans to attract investors to projects involving the construction of approximately 570 MW of wind power plants, 240 MW of solar generation, and 230 MW of storage systems.
“All these projects are private investments. As Arvid Türkner, the EBRD’s Head of Operations in Ukraine and Moldova, emphasizes, private sector participation is critical,” the statement noted.
As the EBRD emphasized, this is precisely why RAMP UP was created—a joint initiative of the EBRD and the World Bank that stabilizes revenues from renewable energy and unlocks large-scale private investment.
“The goal is to accelerate the sector so that Ukraine’s potential can be harnessed as soon as conditions improve. The first auctions are expected in 2026,” the bank states.
One of the priority areas for investment by Kyivstar, Ukraine’s largest mobile operator, is currently renewable energy sources (RES), in particular solar and wind energy, as well as energy storage systems, according to the company’s CEO, Alexander Komarov.
“We want to somehow reduce the risk of electricity supply and the risk of price increases, which is the fastest growing element of our operating costs,” Komarov said during a discussion at the Ukrainian House in Davos on the sidelines of the World Economic Forum, according to a correspondent from Interfax-Ukraine.
According to the CEO, the company is also interested in the e-commerce category and is currently looking for suitable offers.
At the same time, Komarov stressed that Kyivstar plans to strengthen its presence in every area in which the company operates.
In the third quarter of 2025, Kyivstar served 22.5 million mobile subscribers, which is 3.6% less than in the previous year, while the number of 4G customers increased by 2.4% to 15 million.
In the third quarter of 2025, the company’s EBITDA was UAH 7.1 billion, which is 21.5% more than in the third quarter of 2024, and in dollars, the growth was 20.4% to $171 million.
The main shareholder of Kyivstar Group, with an 89.6% stake, is the telecommunications holding company VEON, which was its 100% owner before Kyivstar was listed on the stock exchange.
From January 19-22, Ukraine House Davos 2026 is operating in Davos, co-organized by the Victor Pinchuk Foundation, the Ukraine-Moldova American Enterprise Fund, and Horizon Capital.
The state-owned Ukreximbank (Kyiv) has financed the construction of 700 MW of renewable energy facilities, approximately 300 MW of which are wind farms, according to Andriy Moiseenko, a member of the bank’s board.
“We have financed 700 MW of RES. These are private companies. 300 MW is wind energy. However, some of it is currently occupied,” he said during the Ukrainian Wind Energy Forum 2025 organized by the Ukrainian Wind Energy Association, which is taking place in Lviv.
According to Moiseenko, the demand for energy loans is very high, and the bank’s task is to develop the necessary solutions for providing loans together with state and private banks, as well as international financial institutions, which have also joined in this support.
“Partnerships with international financial organizations allow us to provide more financing,” added the top manager of Ukreximbank.
As reported, Yuriy Shafarenko, deputy head of the main department of the Directorate for Social and Economic Policy of the Office of the President, said at this forum that approximately 200 MW of wind power is expected in Ukraine this year.
