OKKO raises €157 million from Western banks to build a wind farm in Volyn

OKKO raises €157 million from Western banks to build a wind farm in Volyn

Hanna Velyka

The company's own investments will amount to €68 million

Concern Galnaftogaz, which owns the OKKO filling station chain, has signed an agreement to raise €157 million to build a wind farm in Volyn.

This was reported by the European Bank for Reconstruction and Development (EBRD), which is also involved in financing this project.

This is one of the first greenfield private projects in Ukraine's energy sector since the start of Russia's full-scale invasion of Ukraine in 2022. The funds will be allocated to Wind Power G&I Volyn and Wind Power G&I Volyn 3, which will be responsible for the project implementation.

The loans will be used to support OKKO in the construction and operation of wind farms in Ukraine with a total capacity of 147 MW. The stations are expected to produce at least 380 GWh of renewable electricity with zero carbon emissions per year. This will reduce CO2 emissions by about 245 thousand tons per year.

Who will finance the construction of the wind farm

The following institutions will provide funding for the implementation of this renewable energy project:

  • European Bank for Reconstruction and Development – €60 million;
  • International Finance Corporation – €60 million;
  • Black Sea Trade and Development Bank – €37 million.

The project is also supported by EU guarantees and a £3.8 million (€4.5 million) grant from the UK. Its total cost is estimated at €225 million.

Recently, EcoPolitic reported that Friendly Wind Technologies, a company based in Kramatorsk, plans to triple the production of wind turbines.

Also in March, we told you that Velta, a domestic titanium company, had started designing solar and wind power plants, as well as energy storage systems. It plans to invest $10 million in them.

Related
Kramatorsk-based company plans to triple production of wind turbines
Kramatorsk-based company plans to triple production of wind turbines

For this purpose, investments, own and credit funds will be attracted

In 2024, the share of RES in Ukraine's energy balance amounted to almost 11%.
In 2024, the share of RES in Ukraine's energy balance amounted to almost 11%.

This corresponds to a value of 11 million MWh

Ukrainian mobile operators are testing their solar power plants: what are the results?
Ukrainian mobile operators are testing their solar power plants: what are the results?

The telecom regulator obliged them to guarantee a stable network for at least 10 hours without electricity