The European Bank for Reconstruction and Development (EBRD) is investing up to €70 million into the expansion of wind energy in Ukraine, according to the bank’s official announcement. This substantial funding will support the construction of two new wind power plants with a total capacity of 258 MW, strategically located in the southern and western regions of the country. This investment is crucial as Ukraine continues to strengthen its energy resilience and transition towards sustainable, decentralized power sources.
The financing will be provided to Elementum Energy, a British company under the American investment group VR Capital Group. The project’s total cost is estimated at €401 million. The EBRD’s package consists of a direct loan of up to €60 million and an additional €10 million in specialized funding. This capital is part of a larger credit framework totaling €250 million, involving the International Finance Corporation (IFC) and other institutional partners.
The project entails the construction of the South Wind Power Plant (58 MW) and the West Wind Power Plant (200 MW), including the essential infrastructure required for grid connection. Once fully operational, these facilities are projected to generate approximately 730 GWh of electricity annually. This output will play a vital role in balancing the energy load and is expected to reduce carbon dioxide emissions by approximately 469,000 tons per year.
Elementum Energy currently stands as one of the largest international investors in Ukraine’s renewable energy sector, managing a portfolio of 636 MW across solar and wind assets. This commitment from the EBRD during a time of war underscores the international community’s confidence in Ukraine’s recovery potential and its long-term strategic shift toward green energy. Despite the ongoing challenges, the integration of new renewable capacity ensures that Ukraine’s energy system becomes more robust, diverse, and less vulnerable to external interference.