Kernel is securing $45 million in financing from the European Bank for Reconstruction and Development (EBRD) for a renewable energy project, marking its first such funding since the start of the full-scale war. The company announced this on April 23. The loan agreement was approved by the EBRD’s Board of Directors and signed during the Ukraine–EU Business Summit in Brussels.
The total cost of the project is estimated at about $86 million. In addition to the EBRD financing, Kernel is in talks with other international lenders, while the remaining investment will be funded by the company itself. The European Union is also providing additional protection for the project under the Ukraine Investment Framework (UIF), partially covering first-loss risks.
The project includes the construction of a 106 MW solar power plant in southern Ukraine, along with the installation of energy storage systems. The facility is expected to generate around 141 GWh of electricity annually and reduce CO₂ emissions by approximately 82,500 tonnes per year.
Following the construction of a power transmission line, the facility will be integrated into Ukraine’s unified power system and will supply green electricity to the domestic market.
Kernel also says it is expanding its renewable energy strategy. According to CEO Yevhen Osypov, the agroholding plans to strengthen its position in this segment and build a project portfolio with a total capacity of up to 600 MW. A pilot 20 MW solar power plant is already under development, while a 250 MW solar project is also planned in Chernivtsi region. Total investment in this area is estimated at about $400 million.
Kernel is the world’s largest producer and exporter of sunflower oil, one of Ukraine’s leading grain exporters, and an operator of significant logistics infrastructure. The company is also among the largest producers of bottled oil in the domestic market and is engaged in the cultivation and trading of agricultural products.
In the first half of fiscal year 2026 (July–December 2025), Kernel’s net profit fell by 33% to $119 million. Revenue amounted to $1.924 billion, down 1% year-on-year. EBITDA declined by 14% to $247 million.
