The European Bank for Reconstruction and Development (EBRD) is considering participation in the financing of a major energy project in Ukraine — the construction of a 189 MW wind power plant being developed by the OKKO Group. The proposed financing involves a long-term loan of up to €50 million to Volyn West Wind-2 and Volyn West Wind-3. These companies are controlled by VI.AN Holding, which is part of the OKKO Group structure.
EBRD financing will not be the project’s only source of funding. The project is being structured as a syndicated loan, with the International Finance Corporation (IFC) and the Black Sea Trade and Development Bank (BSTDB) also expected to participate. This points to a comprehensive financing model involving several international financial institutions.
The project will also receive additional support from the European Union. Under the Ukraine Investment Framework, guarantee instruments and technical assistance grant funding through the HI-BAR program are envisaged. These mechanisms are aimed at reducing investment risks, which is particularly important under wartime conditions, and at stimulating investment in renewable energy and climate technologies.
The construction of the new wind power plant is strategically important for Ukraine’s energy system. Against the backdrop of war-related destruction and the loss of generation capacity, the project is expected to partially offset electricity shortages. It is also set to support the transition to cleaner energy, reduce greenhouse gas emissions, and strengthen the role of the private sector in energy development.
According to EBRD estimates, once commissioned, the wind farm will be capable of generating around 467 GWh of electricity annually. This would make it possible to reduce CO₂ emissions by approximately 300,000 tonnes per year, underscoring the project’s relevance from a climate policy perspective. The total construction cost is estimated at €262 million.
At present, the project is at the preparation and review stage. The EBRD plans to make a final decision on approval on May 28, 2026.
The OKKO Group, which is implementing the project, is a diversified business with more than 10 areas of activity, including manufacturing, trade, construction, and services. The group’s key asset is Galnaftogaz, which operates one of the largest filling station networks in Ukraine — around 400 service stations under the OKKO brand. The group’s founder and ultimate beneficial owner is Vitaliy Antonov.
It is worth noting that this is not the group’s first wind energy project. Earlier, in April 2025, the EBRD, IFC, and BSTDB had already announced €157 million in financing for the construction of another 147 MW wind farm in Volyn region, indicating the continued development of this business line.
