The European Bank for Reconstruction and Development (EBRD) will invest up to €60 million in the new broad-based infrastructure vehicle Amber Dragon Ukraine Infrastructure Fund I, which will have a total size of €350 million. The decision was approved by the bank’s Board of Directors on 19 November.
The fund will direct capital toward infrastructure projects in Ukraine — primarily renewable energy development, sustainable transport, and digital infrastructure, all areas currently facing significant investment shortages due to the war.
At the “Ukraine — Open for Investment” forum, Yevhenii Baranov, Managing Director and Head of Infrastructure at Dragon Capital, stated that the fund is nearing its first close and is being created jointly with UK-based partner Amber Infrastructure. Fund management will be carried out by Dragon Capital Advisors and Amber Fund Management Limited, part of Boyd Watterson Global Asset Management Group.
According to Baranov, the fund will focus on projects in the €30–70 million range, where the company “feels most comfortable.” The active investment phase will begin in January–February of next year. While the primary focus is energy, considerable attention will also be given to transport and digital infrastructure.
The European Investment Bank (EIB) previously announced a €50 million commitment to Amber Dragon Ukraine Infrastructure Fund I. IFC is also expected to participate, with plans to invest up to €40 million.
The fund will channel capital into the reconstruction and modernization of Ukraine’s critical infrastructure. Key priorities include energy transition projects (renewable generation, transmission, distribution, and energy storage), digital infrastructure (data centers, telecom towers, fiber-optic networks), and transport and logistics (ports, roads, railways, industrial parks, cold storage, and intermodal terminals).
IFC highlights that Amber has experience in more than 175 infrastructure investments worldwide and a strong presence in Central and Eastern Europe. Dragon Capital is viewed as a key Ukrainian partner with deep local expertise in private equity and real estate.
At the URC2025 conference in Rome, Dragon Capital and Amber announced that they have already built a robust pipeline of projects capable of absorbing even more capital than the fund aims to raise. The fund’s strategy envisions investing in controlling stakes or co-investing alongside partners, with average ticket sizes of €20–50 million.
URC2025 also featured the fund’s first project — Power One (LLC “Power 1”). The EBRD has already provided the company with a €22.3 million loan toward the project’s total cost of €41.8 million. The project involves installing 36.8 MW of gas-engine units and 31.5 MW of energy storage capacity in Zakarpattia region.
Dragon Capital is one of Ukraine’s largest investment groups, operating since 2000. Its portfolio includes around 50 projects and real estate assets. According to founder Tomas Fiala, the group invested approximately $700 million into Ukraine between 2015 and 2021 (excluding reinvestments) and plans to invest an additional $100 million in 2025.
