Notus Wind (EBRD-54999)

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.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
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
Notus Energy
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)
$ 75.49 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 65
Converted using 2026-03-24 exchange rate.
Loan Amount (USD)
$ 75.49 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 65
Converted using 2026-03-24 exchange rate.
Project Cost (USD)
$ 267.12 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 230
Converted using 2026-03-24 exchange rate.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 30, 2026

Disclosed by Bank Mar 24, 2026

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Can you contribute information about this project?
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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.

As stated by the EBRD, the project involves a long-term senior loan of up to EUR 65 million to a special purpose vehicle incorporated in Ukraine by the German renewable energy developer, Notus Energy. EBRD's financing will constitute part of a financing package totalling up to EUR 162 million, provided collectively with IFC and other lenders. The proceeds of the loan package will be used to finance the construction and operation of a 120 MW wind power plant in Ukraine. The Project will benefit from a first-loss guarantee under Ukraine Investment Framework Hi-Bar programme.

The Project will strengthen Ukraine's energy resilience by adding 120 MW of wind power capacity to the energy grid. With significant power generation capacity in Ukraine destroyed as a result of the ongoing missile attacks on the energy infrastructure, this investment is crucial to address the severe energy shortfall, support Ukraine's decarbonization goals and boost the private sector's role in further development of the renewable energy sector in the country.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
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 EBRD, the Borrower is the special purpose vehicle established in Ukraine specifically to construct and operate a 120 MW wind farm. The Project will be majority owned by Notus Energy, a German developer and operator of renewable energy facilities, having constructed 1.6 GW of wind capacities, and 5.8 GW of solar and 1 GWh of battery storage capacities under development across 13 countries. The shareholder structure of the Project also envisages minority shareholders: (1) Horizon Capital, a leading private equity firm operating in Ukraine and Moldova, via their newly established Catalyst Fund and (2) Green for Growth Fund.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - NOTUS Energy 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 - Notus Energy:

Anastasiia Bardeha
Email: anastasiia.bardeha@notus.de 
Phone: +49 151 14014456

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

How it works

How it works