The European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) intend to commit EUR60 million and EUR40 million, respectively, to the newly launched Amber Dragon Ukraine Infrastructure Fund I, which aims to raise a total of EUR350 million.
The primary objective of the fund is to support investments in renewable energy and related technologies in Ukraine, contributing to national and global goals for energy security, decarbonisation, and the expansion of renewable energy. By financing the construction of renewable energy facilities—particularly onshore wind projects—the initiative aligns closely with the Ukraine Recovery and Reconstruction Plan. Additionally, the operation will support the recovery and modernisation of key infrastructure sectors, including transport and digital infrastructure.
Sectors Involved:
- Energy – Electricity, gas, steam, and air conditioning supply
- Transport – Transportation and storage
- Telecommunications – Information and communication
Proposed EIB Financing: Approximately EUR 40 million
Total Project Cost: Approximately EUR 350 million
Environmental Impact
This operation is designed to deliver environmental benefits through the development of renewable energy projects that contribute to climate change mitigation. It aligns with the EIB’s priority lending goals in the renewable energy sector and supports the bank’s Climate Action and Environmental Sustainability objectives, with 60% of investments expected to target renewable energy.
"The aim is to support investments in renewable energy and other energy-related technologies in Ukraine, which will contribute to achieving the goals of energy security, renewable energy and decarbonization in Ukraine … In addition, the operation will contribute to financing the restoration and modernization of key infrastructure sectors in Ukraine, in particular transport and digital, the EIB noted.
The EBRD named Amber Fund Management Ltd (UK) as the initiator of the fund in the information, but the leading Ukrainian investment group Dragon Capital was also involved in the process of its creation, as evidenced by the statement.
The EIB indicated that the project is at the assessment stage, while the EBRD board of directors plans to consider it on September 24 this year.
Amber Infrastructure Group, according to information on the website, was established more than 15 years ago and is a specialized manager for international infrastructure investments. The group is engaged in the search, financing and management of assets, has worked in 22 countries and implemented more than 175 projects.
Amber currently manages or advises eight funds and accounts with a total amount of over GBP5 billion with more than 200 properties. Among the funds is the Three Seas Initiative Investment Fund (3SIIF) created in 2020, geographically close to Ukraine and with a similar investment profile, with a volume of EUR1 billion for critical infrastructure facilities in Eastern and Central Europe, which has already invested in 5 properties.
