An international financing package worth €157m ($172.8m) has been unveiled to assist OKKO Group in constructing wind power plants to enhance Ukraine’s energy security. The total cost for this initiative, one of the first private greenfield energy projects in Ukraine since 2022, is projected at €225m excluding VAT. GNG Group, also known as Galnaftogaz or OKKO Group, will cover the remaining funds through equity.

The plants will produce at least 380 gigawatt hours (GWh) of electricity annually.

Announced in Kyiv, the project’s debt financing comes from the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and the Black Sea Trade and Development Bank (BSTDB). The EBRD and IFC are each contributing €60m, while BSTDB provides €37m. Additional support is provided by the European Union, the UK, and the Clean Technology Fund (CTF). The loans are directed to two Ukrainian entities, Wind Power GSI Volyn and Wind Power GSI Volyn 3, to build and manage wind facilities with a combined capacity of 147MW. These plants will generate at least 380 gigawatt hours of electricity yearly and reduce CO? emissions by 245,000 tonnes annually.

EBRD banking vice-president Matteo Patrone said: “With significant power generation capacity in Ukraine destroyed as a result of the war, this investment is crucial to address the severe current energy shortfall, support Ukraine’s decarbon'яз goals and boost the private sector’s role in further development of the renewable energy sector in the country.” The EBRD’s loan is supported by EU financial guarantees under the Ukraine Investment Framework’s Hi-Bar program, which promotes climate-friendly technologies. The IFC and BSTDB contributions are backed by EU guarantees through the IFC’s Better Futures Program: RE-Ukraine.

IFC’s package includes €10m from the CTF, while the UK’s Foreign, Commonwealth & Development Office provided a grant as a first-loss guarantee, aiding loan mobilization from IFC and BSTDB. IFC regional director for Europe, Ines Rocha, noted: “This project will ensure that people can keep the lights on, stay warm and connected – therefore marking a significant milestone in Ukraine’s recovery.” She added that it demonstrates Ukraine’s appeal for private investment and readiness for future challenges.

In early April 2025, the EBRD revealed plans to allocate €1bn to Ukraine’s energy sector in 2025. The OKKO wind project represents a step toward rebuilding and greening Ukraine’s energy infrastructure, leveraging international cooperation to meet immediate needs and long-term sustainability goals.