The project aims to develop modern energy infrastructure and establish a commercial energy asset based on renewable electricity generation and energy storage.
Project website: https://chernovtsy.codexenergy.com.ua/
Project Overview
Chernivtsi Energy Park is a development project for a hybrid energy complex combining a solar power plant with an energy storage system. This model enables both electricity generation and storage for subsequent commercial use.
The total project budget is approximately €7.3 million. Electricity generation is scheduled to commence in Q3 2027.
The project is being developed by Codex Energy, an energy developer specializing in the development of energy assets and the organization of their subsequent commercial operations.
The investment model allows participation through an energy cooperative, with a minimum investment of €20,000.
Market Challenges
Ukraine's energy sector requires new generation capacity, infrastructure modernization, and solutions that enhance the flexibility of the power system.
One of the key challenges facing renewable energy is the variability of electricity generation. Solar power output depends on weather conditions and the time of day, while electricity demand and market prices fluctuate throughout the day.
This creates demand for energy storage systems that can store electricity and shift its delivery to different periods. At the same time, developing such facilities requires substantial capital investment, engineering expertise, and professional management.
Proposed Solution and Product Overview
Chernivtsi Energy Park implements a hybrid model in which a solar power plant operates in conjunction with an energy storage system.
Key technical specifications:
- Installed solar power capacity — approximately 6.8 MW.
- Inverter capacity — approximately 4.8 MW.
- Energy storage capacity — 15 MWh.
- System architecture — 800 V.
- Solar module orientation — East–West.
Operating principle: The solar power plant generates electricity, while the energy storage system enables it to be stored and discharged at a later time. The commercial model involves managing these processes based on electricity market conditions.
Key project advantages:
- Integration of two technologies within a single energy complex.
- Ability to optimize the timing of electricity utilization and sales.
- Professional project development and energy asset management.
- Engagement of specialized partners for project implementation and commercial operations.
The project's economic performance will depend on market conditions, technical parameters, and the operational efficiency of the energy complex.
Brief Market Analysis
Ukraine's electricity market requires the restoration and expansion of generation capacity, diversification of electricity sources, and improvements in power system resilience.
One promising area is the development of hybrid energy facilities that combine renewable power generation with energy storage systems. This approach expands opportunities for the commercial utilization of electricity compared with a model based solely on electricity generation.
Key market trends:
- Expansion of renewable energy generation.
- Growing importance of energy storage and balancing solutions.
- Increasing demand for flexible energy asset management models.
- Greater involvement of private capital in energy infrastructure development.
The market potential of Chernivtsi Energy Park is linked to its ability to combine solar generation and energy storage within a single commercial energy asset.
A quantitative market assessment requires a separate analysis of current data on new generation capacity, installed energy storage systems, electricity price scenarios, and competing projects in Ukraine.
Sales and Marketing Strategy
The energy park's commercial model involves participation in the electricity market, leveraging the capabilities of solar generation and energy storage.
Main areas of commercial activity:
- Sale of electricity generated by the solar power plant.
- Commercial utilization of the energy storage system.
- Optimization of the facility's operating modes in response to market conditions.
Investor attraction is carried out through direct communications, partner channels, digital marketing, industry events, and the Codex Energy investment community.
Investment terms, income distribution arrangements, and the financial model are provided to prospective investors during consultations with the project manager.
Key Suppliers and Contractors
Specialized companies from the energy sector are involved in the project's implementation:
- Codex Energy — project development and energy asset management.
- UNISOLAR — general contractor for the project.
- KNESS — partner responsible for commercial electricity operations and aggregation.
Suppliers of key equipment, contractual terms, and the allocation of responsibilities among project participants are defined in the relevant project and contractual documentation.
Current Project Development Status
Chernivtsi Energy Park is currently in the design and pre-construction preparation stage. Technical specifications have been obtained, project documentation is under development, and preparations for initial construction works have begun.
At this stage, the project's main technical parameters, technological concept, and budget have been established.
Next development stages:
- Completion of design and preparatory works.
- Execution of initial construction works.
- Main construction and installation works.
- Installation and integration of energy equipment.
- Testing, commissioning, and putting the facility into operation.
Electricity generation is scheduled to commence in Q3 2027.
Asset Overview
The future energy asset will primarily consist of generation equipment, an energy storage system, and the infrastructure required for the facility's operation.
The project includes:
- Solar power plant with a capacity of approximately 6.8 MW.
- Inverter equipment with a capacity of approximately 4.8 MW.
- Energy storage system with a capacity of 15 MWh.
- Electrical infrastructure for grid connection and management of the energy complex.
- Land plot designated for the facility.
Information regarding the legal status of the land plot, land-use arrangements, grid connection, and permitting documentation is provided by the project manager during consultations with prospective investors.
Management Team and Personnel
Project initiator — Codex Energy, a new-generation energy developer and part of Ribas Hotels Group.
Key company representatives:
- Artur Lupashko — Co-founder of Codex Energy.
- Oleksandr Hanchev — Co-founder of Codex Energy and Head of Development.
Specialized partners and contractors in construction, energy equipment, and commercial asset management are engaged in project implementation.
Detailed information about the team, number of employees, professional experience of key specialists, and allocation of responsibilities is available from the project manager during consultations.
Key Current and Target Project Indicators
Key project metrics:
- Total project budget — approximately €7.3 million.
- Solar power plant capacity — approximately 6.8 MW.
- Inverter capacity — approximately 4.8 MW.
- Energy storage capacity — 15 MWh.
- Planned commencement of electricity generation — Q3 2027.
Investment model financial projections:
- Projected annual return — 16–20% in EUR.
- Estimated payback period — 5 years.
- Minimum investor contribution — €20,000.
These financial indicators are projections rather than guaranteed results. Actual returns will depend on market conditions, commercial operating performance, operating expenses, and the terms of investor participation.
A detailed financial model, cash flow forecasts, and investment performance calculations are available from the project manager during consultations.
Required Investment Amount and Investment Structure
The total budget for developing the energy park is approximately €7.3 million.
The investment model provides for participation through an energy cooperative. The minimum investment is €20,000.
Participation terms, income distribution arrangements, the legal structure, and available investment formats are defined in the contractual documentation and presented to prospective investors during consultations with the project manager.
Investment Estimate
Total project budget — approximately €7.3 million.
Main capital expenditure categories:
- Solar modules and associated equipment.
- Inverter equipment.
- Energy storage system.
- Construction and installation works.
- Electrical infrastructure and grid connection.
- Design, engineering preparation, testing, and commissioning.
Amounts of Capital Disbursed
The total energy park budget is approximately €7.3 million.
Information regarding capital raised and deployed, financing structure, current project capitalization, and remaining investment requirements is provided by the project manager during discussions with prospective investors.
Exit Options for the Project
Investor exit opportunities are determined by the project's legal structure, the terms of participation in the energy cooperative, and the relevant contractual provisions.
Depending on the mechanisms established in the project documentation, potential exit options may include transferring participation rights to another investor, a contractual buyout of the investor's interest, or the sale of the energy asset.
Available exit scenarios, applicable restrictions, and execution terms are determined individually in accordance with the project's legal structure. Projected capitalization and potential asset sale scenarios over a 3–5-year investment horizon are considered within the financial model.
