Ukrainian investment company BGV Group Management, founded by entrepreneur and ATB Corporation co-owner Hennadii Butkevych, and Veolia Holding Ukraine, part of the French group Veolia, have signed a memorandum of cooperation to implement joint infrastructure projects in Ukraine.
Under the agreements, the parties intend to invest in projects in water supply and water treatment, waste management, renewable energy, heat and electricity generation from waste, or waste-to-energy, as well as the development of modern municipal and energy infrastructure. The partners will jointly prepare projects, conduct investment due diligence, raise financing and further implement the initiatives.
BGV Group believes that combining Veolia’s international expertise with the Ukrainian group’s investment capabilities will help accelerate the introduction of modern infrastructure solutions and support Ukraine’s reconstruction based on sustainable development principles.
The cooperation is in line with BGV’s strategy to develop the municipal infrastructure segment. Earlier, Oleksiy Tymofieiev, a member of the company’s board of directors, said the group was focusing on the creation of multi-utilities — private operators of municipal services that combine various areas of infrastructure business. According to him, the most promising market segments today include energy-efficient modernization of facilities, renewal of water treatment systems and comprehensive management of water utilities based on concession mechanisms.
One of BGV’s key investment areas is wastewater treatment facilities. The company notes that the condition of wastewater treatment systems in Ukraine remains challenging: a significant share of facilities does not provide the required level of treatment, while some wastewater is discharged without proper processing. Against this backdrop, the water infrastructure modernization market is viewed as one of the most promising areas for private investment, especially in cities with populations of up to 100,000 people.
BGV Group Management has been operating in the Ukrainian market since 2015 and invests in the extraction and processing of critical minerals, energy, development, construction materials production, retail, education and sports.
France’s Veolia is one of the world’s largest operators in water resource management, waste management and energy. The company operates in 56 countries, employs around 215,000 people and generated consolidated revenue of approximately €44.4 billion in 2025. The group has been present in Ukraine for more than 20 years.
The signing of the memorandum reflects growing interest from international companies in participating in the modernization of Ukrainian infrastructure and the implementation of projects in municipal services and sustainable energy.
