The European Bank for Reconstruction and Development may partially finance the project worth EUR 262 million
Group of companies OKKO plans to raise up to EUR 50 million in loans from the European Bank for Reconstruction and Development to build a 189 MW wind farm in Ukraine. The bank has approved the project published april 24, and its consideration by the Board of Directors is scheduled for May 28, 2026.
The financing will be provided to Volyn West Wind 2 and Volyn West Wind 3, specially created project structures in Ukraine. They are majority controlled by VI.AN Holding, which is part of OKKO Group.
The EBRD loan will be part of a larger project financing package from a consortium of international financial institutions, including the International Finance Corporation and the Black Sea Trade and Development Bank.
The project will also receive guarantees and technical assistance under the EU’s Ukraine Investment Framework (UIF Hi-Bar).
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The Ukraine Investment Framework is part of the EU’s €50 billion Ukraine Facility program aimed at restoring Ukraine’s economy, developing infrastructure, and supporting green technologies.
The total construction cost is estimated at EUR 262 million. The wind farm is expected to generate about 467 GWh of electricity per year and reduce CO₂ emissions by about 300,000 tons annually.
The bank notes that the investment should strengthen Ukraine’s energy resilience amid the loss of generating capacity due to the war, as well as support decarbonization and the development of private generation.
The project is at the initial stage (Exploratory), which means it is being prepared for further stages of approval by the bank.
The project parameters are close to previously announced OKKO wind farm in Volyn with a capacity of 192 MW, but the open materials do not specify whether it is the same facility.
OKKO Group is actively developing the renewable energy sector and forming a portfolio of private generation and declares its intention to form up to 1 GW of power capacity by 2030.
In particular, in 2024-2025, international financial institutions, including the EBRD, IFC, and BSTDB, agreed on a package of financing for EUR 157 million for the construction of a 147 MW wind farm in the Volyn region.
This project was one of the first private “green” energy projects in Ukraine after the outbreak of full-scale war and is expected to generate about 380 GWh of electricity per year.
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