The European Bank for Reconstruction and Development has approved a loan of up to €50 million to Volyn West Wind-2 and Volyn West Wind-3, companies controlled by VI.AN Holding, which is part of OKKO Group. The funds will be used to finance the construction of a 189 MW wind power plant in Ukraine.
The EBRD financing will form part of a larger debt financing package for the project, which also involves the International Finance Corporation and the Black Sea Trade and Development Bank. The total cost of the wind farm construction is estimated at €262 million.
The project will receive additional support from the European Union. Under the Ukraine Investment Framework, through the HI-BAR mechanism, the project will receive guarantees and grant-funded technical assistance. These instruments are designed to reduce investment risks and facilitate capital raising for renewable energy and climate technology projects in Ukraine.
According to the EBRD’s estimates, once commissioned, the new wind power plant will generate around 467 GWh of electricity annually, helping reduce carbon dioxide emissions by approximately 300,000 tonnes per year.
The project will become another major investment by international financial institutions in Ukraine’s wind energy sector. In April 2025, the EBRD, IFC and BSTDB already announced €157 million in loan financing for Galnaftogaz Group to build a 147 MW wind farm in Volyn Region.
Wind energy development remains an important area for Ukraine’s energy sector despite the consequences of the war. Before the start of the full-scale invasion, Ukraine’s installed wind power capacity stood at 1,683 MW, but around 80% of wind power facilities later ended up in occupied territories. At the same time, the sector continues to develop: in 2023, Ukraine commissioned 230 MW of new wind capacity, the third-best result in the country’s history after 2019 and 2021.
OKKO Group, owned by businessman Vitaliy Antonov and operating through the Galnaftogaz concern, is actively diversifying its business beyond the fuel segment. In addition to one of Ukraine’s largest networks of filling station complexes, comprising more than 400 stations, the group is developing projects in energy, agriculture, real estate development and retail. Investments in wind energy are part of the company’s strategy to expand its presence in the renewable energy market and strengthen the country’s energy resilience.
