Early Warning System

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

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

May 28, 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

OKKO Group AG

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)

$ 58.61 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 50
Converted using 2026-04-24 exchange rate.

Loan Amount (USD)

$ 58.61 million

Project Cost (USD)

$ 307.14 million

Bank Documents

PSD translation (Ukrainian)

Other Related Projects

Primary Source

Original disclosure @ EBRD website

Updated in EWS Apr 29, 2026

Disclosed by Bank Apr 24, 2026

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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 EBRD, the project involves a long-term senior loan of up to EUR 50 million to Volyn West Wind-2 LLC and Volyn West Wind-3 LLC, special purpose vehicles incorporated in Ukraine. The loan will be a part of a senior secured debt financing to be provided by a consortium of development financial institutions including the EBRD, IFC, BSTDB, to finance the construction and operation of a 189 MW wind power plant in Ukraine. The Project will benefit from a guarantee and technical assistance funds under the EU's Ukraine Investment Framework Hi-Bar programme.

The Project will strengthen Ukraine's energy resilience by constructing a 189 MW wind power plant. With significant power generation capacity of Ukraine destroyed because of the war, this investment is crucial to address the severe energy shortfall, support Ukraine's decarbonisation 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.

European Bank for Reconstruction and Development (EBRD)

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, Volyn West Wind-2 LLC and Volyn West Wind-3 LLC are special purpose companies established in Ukraine to construct and operate a 189 MW wind farm. The Borrowers are majority-owned by VI.AN Holding, which forms part of OKKO Group AG.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
OKKO Group	Parent Company	Energy	owns	VI.AN Holding	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 - OKKO Group (VI.AN Holding, Galnaftogaz):

Oleksii Konenko
Email: okonenko@gng.com.ua
Phone: +38 067 208 86 59
Website: https://www.okko-group.com.ua/

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