Ukrainian agribusiness holding Kernel intends to significantly expand its energy operations and allocate around $400 million to the sector over the next two years. The announcement was made by CEO Yevhen Osypov at the Forbes Agro conference in Kyiv. According to Osypov, the move into energy is a strategic decision, with funding to be sourced, in part, from the company’s current liquidity. The first step has already been taken with a $20 million pilot project implemented last year.
The bulk of the investment will focus on renewable energy development — including wind and solar power plants, as well as energy storage systems (ESS). The combined capacity of the planned projects is estimated at approximately 600 MW. The company is currently working to secure financing from international financial institutions, including the European Bank for Reconstruction and Development (EBRD).
Osypov recalled that Kernel began investing in energy back in 2018, allocating around $230 million into cogeneration facilities. As a result, the holding’s assets are now fully supplied with its own “green” energy, in line with international standards and EU requirements.
Addressing financial resilience, the CEO noted that at the start of Russia’s full-scale invasion, Kernel’s debt obligations amounted to approximately $700 million to international banks and Eurobond holders. At the same time, significant cash balances do not necessarily imply a large safety cushion: $500–600 million in liquidity for a company with multi-billion-dollar turnover represents roughly one month of operating resources. The holding therefore aims to maintain a balanced approach between external and internal financing.
Osypov also emphasized that he does not consider a strategy of fully minimizing debt to be appropriate. In his view, investing in transparency and ESG practices is essential to attracting long-term international capital and transitioning to a new stage of development.
Earlier, in January 2026 at the World Economic Forum in Davos, Osypov stated Kernel’s ambition to become one of the leaders in green energy. At that time, the company confirmed the launch of a 20 MW pilot solar power plant and announced plans to build a large-scale 250 MW solar facility in the Chernivtsi region. In the 2025 annual report, majority shareholder Andriy Verevskyi noted that the holding maintains a cautious investment approach while actively exploring expansion opportunities in wind and solar generation, as well as energy storage systems.
Kernel is one of Ukraine’s largest agribusiness groups: a global leader in sunflower oil production and exports, one of the country’s largest grain exporters, owner of an extensive logistics infrastructure, and a major producer of grain and oilseed crops in Ukraine. In addition to agricultural production, the company develops processing operations and bottled oil sales, while actively diversifying into the energy sector.
