Elementum Debt (IFC-49272)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Ukraine
Geographic location where the impacts of the investment may be experienced.
Specific Location
Southern and Western Ukraine
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Apr 29, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Elementum Energy Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 69.64 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 60
Converted using 2026-03-05 exchange rate.
Loan Amount (USD)
$ 69.64 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 60
Converted using 2026-03-05 exchange rate.
Project Cost (USD)
$ 464.27 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 400
Converted using 2026-03-05 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 24, 2026

Disclosed by Bank Mar 5, 2026

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the IFC, the proposed investment is a corporate facility of up to EUR 250 million to Elementum Energy Limited (Elementum, or the company), the second largest renewable energy producer in Ukraine. Proceeds will be used for the development, construction and operation of the following subprojects in Ukraine (together referred to as the Project):

• the Danube Wind Power Plant (Danube WPP), comprising three greenfield wind power plants (WPPs), each with three wind turbine generators (WTGs), all located in southern Ukraine; and

• the Ternopil (also referred to as Windpark West-R) WPP, comprising 32 WTGs and a dedicated substation located in western Ukraine.

In addition, viability gap funding may be provided for a pilot battery energy storage system (BESS), located at one of the company’s existing facilities in southern Ukraine.

Each of the three Danube WPP subprojects is being implemented by separate, 100% Elementum owned, special purpose vehicles (SPVs), which will together have a combined installed capacity of 57.6 MW. Ternopil WPP is at an earlier stage of development than Danube WPP but will be similarly delivered through a dedicated SPV, Windpark West-R LLC.

Both Danube and Ternopil WPPs will use horizontal three blade WTGs (in 6.4 MW power mode) with a hub height of 125m and a rotor diameter of 162m, connected by newly built access roads, along which underground cabling will be routed, and link to the local public road networks.

All the land required for both projects is currently used for agricultural purposes and is being secured for 49 years via a combination of voluntary lease and easement agreements concluded with private and public landowners. No physical displacement is required for either project. Residential receptors are located at sufficient distances from the proposed WTGs to comply with applicable national requirements and IFC/WBG EHS Guidelines.

Construction timelines are aligned with the project development schedule, and a 25-year operational period has been estimated for both projects.

The pilot BESS will have a capacity of 10 MW/20 MWh, with equipment comprising lithium iron phosphate storage cells assembled in five 20-ft containers, each with a capacity of 4.5 MWh situated within an existing company facility. It will be installed in the second quarter of 2026 and will operate for an estimated 15-20 years.

The project is expected to be supported by partners of (i) the European Commission under the Ukraine Investment Framework (“EC-UIF”), (ii) the Economic Resilience Action Program (“ERA Program”) for Ukraine including the Norwegian Agency for Development Cooperation (“NORAD”), and (iii) the Clean Technology Fund (“CTF”), as described in the Blended Finance Section.

IFC provided upstream support to the project in the form of legal and market analyses, which informed the structuring process and enhanced the project’s overall bankability.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

As stated by the IFC, the total project cost is estimated to be approximately €400 million. IFC is considering providing an A Loan of up to €60 million for IFC’s own account and mobilize financing through a B Loan and Parallel Loans from other lenders.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the IFC, Elementum (https://www.elementumenergy.com/) is a leading independent power producer and the second largest renewable energy operator in Ukraine. Elementum owns a diversified portfolio of 28 solar power plants (536 MW) and one wind power plant (100 MW) across seven regions. Elementum was established in 2019 and is wholly owned by VR Global Partners, L.P., an international asset manager specializing in distressed and special situations in emerging markets, with a longstanding presence in Ukraine since 2014.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Elementum Energy Limited Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Elementum Energy (Ukraine) LLC:

Anton Kuznetsov - Corporate Finance Manager
Victoria Pysmenna - General Counsel
Email: office@elementumenergy.com; vpysmenna@elementum.energy; akuznetsov@elementum.energy 
Phone: +380 68 251 7664
Address: 75 Zhylianska Street, Kyiv, 01032, Ukraine
Website: www.elementumenergy.com  

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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