The International Finance Corporation (IFC), part of the World Bank Group, is considering providing approximately €42 million in financing to the OKKO Group for the construction of a large wind power plant in Volyn region. The total cost of the project is estimated at €262 million, excluding VAT.
According to an IFC notice published on May 11, the financing proposal will be submitted to the corporation’s Board of Directors for consideration on June 15, 2026. The project concerns the construction of a 189 MW wind power plant, which would become one of the largest new renewable energy projects in Ukraine.
The financing is planned to be provided to Volyn West Wind-2 and Volyn West Wind-3, two companies established specifically for the implementation of the project. Both entities are under the majority control of VI.AN Holding, which is part of OKKO Group.
IFC said it had already participated in the project’s early-stage preparation, including analysis of the Ukrainian electricity market and an assessment of the project’s prospects for commercial viability.
According to the organization, IFC’s involvement would include not only direct lending, but also comprehensive financial and advisory support. The corporation may assist in structuring a long-term financing package that could include IFC’s own loans, concessional financing, first-loss guarantees, as well as the mobilization of additional parallel loans from other international partners.
In addition to the financial component, IFC intends to enhance the project’s investment appeal for international investors and lenders. To this end, the corporation will provide technical support on environmental and social standards to ensure that the project complies with IFC requirements and international sustainable development norms.
The IFC loan would form part of a broader international financing package for the project. In parallel, OKKO Group plans to raise up to €50 million from the European Bank for Reconstruction and Development (EBRD). Consideration of the EBRD financing is scheduled for May 28, 2026.
The Volyn wind power project is being implemented against the backdrop of growing investment in Ukraine’s energy sector and rising interest from international financial institutions in the development of renewable energy sources in Ukraine, despite wartime risks and instability in the power system.
