The European Bank for Reconstruction and Development, or EBRD, will provide long-term debt financing for the second phase of the Power One distributed generation project, implemented by investment company Dragon Capital and energy company Negen, founded by former Ukrenergo CEO Volodymyr Kudrytskyi. The cost of the project’s second phase exceeds €90 million.
The relevant mandate letter for the preparation of financing was signed during the Ukraine Recovery Conference, URC 2026. The document was signed by Harry Boyd-Carpenter, Managing Director of the EBRD’s Sustainable Infrastructure Group; Yevhen Baranov, Head of Amber Dragon Ukraine Infrastructure Fund I and Head of Infrastructure at Dragon Capital; and Volodymyr Kudrytskyi, co-founder of Negen and Managing Partner of Power One.
The financing will enable the completion of the project’s second phase, which provides for the construction of almost 170 MW of new generation capacity across six sites in different regions of Ukraine. The project is aimed at strengthening the country’s energy resilience through the development of decentralized generation.
According to Yevhen Baranov, attracting EBRD financing is an important stage in the project’s implementation and demonstrates the confidence of international financial institutions in Ukraine’s energy sector.
Volodymyr Kudrytskyi noted that the new financing will significantly accelerate the scaling of the project and expand its distributed generation portfolio. After completion of the second phase, the total capacity of Power One’s energy storage systems will exceed 750 MWh, significantly increasing the project’s ability to balance the power system and ensure stable electricity supply.
Power One is a comprehensive project for the development of modern distributed generation, combining flexible gas-fired power plants, energy storage systems and renewable energy facilities. The project is being implemented by Dragon Capital together with Negen, founded by former Ukrenergo CEO Volodymyr Kudrytskyi and former company board member Andrii Nemirovskyi. Dragon Capital acts as the investor and owner of the project, while Negen is responsible for its operational management.
This is already the second stage of the project’s cooperation with the EBRD. In 2025, during the Ukraine Recovery Conference in Rome, the parties signed a mandate letter for financing the first phase of Power One in the amount of €21.1 million. As part of the first phase, 28.4 MW of generation capacity has already been commissioned, while another 40 MW is planned to be launched in 2026.
In addition to its participation in the Power One project, Dragon Capital continues to invest in its own energy independence. The company plans to invest $4 million by the end of 2026 in the construction of solar power plants at at least 10 of its commercial real estate properties.
