Investment company Concorde Capital, founded by Ihor Mazepa, has put into operation a network of gas-fired piston power plants with a combined capacity of 18.4 MW.
The first gas engine unit has started operations; there are eight in total. Within two weeks, all of them will begin generating power, Ihor Mazepa said.
The generation assets are operated by Enkraft LLC, a company affiliated with Mazepa’s business group.
Investment in the first phase totaled approximately €15 million, with the majority financed through Concorde Capital’s own equity.
The launch of 18.4 MW corresponds to the commissioning of eight gas engine units capable of operating in a highly flexible mode, responding quickly to capacity shortages in the power system.
By the end of 2026, the group plans to implement the second phase of the project:
- 60 MW of new gas-fired generation capacity;
- 240 MWh of battery energy storage systems (BESS).
Investment in the second phase is estimated at approximately €35 million.
The integration of BESS will allow the company to:
- smooth peak loads;
- enhance the stability of local grids;
- participate in the balancing market and provide ancillary services to the system operator.
In recent years, Concorde Capital has increasingly shifted its investment focus toward energy:
- exiting the amber extraction business;
- building a portfolio of energy assets;
- pursuing the ambition to develop an energy company with a target valuation of up to €1 billion.
Gas-fired piston generation is one of the key areas in the development of decentralized energy in Ukraine, amid the destruction of large-scale generation facilities and the need for rapidly deployable solutions.
What 18.4 MW Means for the Market
For comparison:
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18.4 MW can supply electricity to a small city or several large industrial facilities.
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Gas piston plants can be commissioned significantly faster than traditional thermal power plants.
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In wartime conditions, modular generation is considered more resilient.
Mazepa’s project aligns with the broader trend of decentralizing Ukraine’s energy system, where private capital is gradually assuming part of the role in rapidly compensating for capacity shortages.
