The European Bank for Reconstruction and Development has disclosed the Notus Wind project and plans to provide a long-term senior loan of up to €65 million to a Ukraine-registered special purpose vehicle affiliated with German developer Notus Energy for the construction and operation of a 120 MW wind power plant. In its project document, the EBRD states that the total project cost stands at €231.4 million, while the bank’s loan will form part of a broader debt package of up to €162 million being arranged together with IFC and other lenders. The project page also lists an indicative board consideration date of April 29, 2026.
An additional element of the financing structure is expected to be a first-loss guarantee under the Ukraine Investment Framework Hi-Bar programme, designed to strengthen the project’s bankability under wartime risk conditions. According to the EBRD, the future wind farm is expected to generate around 331.6 GWh of renewable electricity annually and reduce carbon emissions by more than 213,300 tonnes of CO2 per year.
The borrower is a separate Ukrainian SPV established specifically for this project. Notus Energy is expected to hold the controlling stake, while minority investors include Horizon Capital through its newly launched Catalyst Fund and the Green for Growth Fund. The EBRD also notes that Notus Energy has already built 1.6 GW of wind capacity and has an international pipeline of 5.8 GW of solar generation and 1 GWh of battery storage across 13 countries.
The current debt financing stage continues the transaction announced in January 2026, when Horizon Capital said that its Catalyst Fund had made its first investment in a Notus Energy wind project in Odesa region. At that time, it was stated that the fund would acquire a 45% stake in the project, while the total construction budget would exceed €220 million. Ukraine’s Ministry of Economy said the asset was the first of three Notus Energy wind projects in Ukraine with a combined capacity of around 300 MW and part of the company’s broader Ukrainian pipeline of more than 1.3 GW.
Separately, IFC said on its disclosure portal that it is considering providing around €70 million for the same 120 MW wind project in Odesa region. This confirms that Notus Energy is building a multilateral financing structure involving international financial institutions for one of the largest private greenfield wind power projects currently being developed in Ukraine.
