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

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)

$ 81.36 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 70
Converted using 2026-03-06 exchange rate.

Loan Amount (USD)

$ 81.36 million

Project Cost (USD)

$ 466.06 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 11, 2026

Disclosed by Bank Mar 6, 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.

As stated by the EBRD, the project involves a long-term senior loan of up to EUR 70 million to Dnistrovska Vitroelektrostantsiia LLC and Windpark West-R LLC, the project companies of Elementum Energy Limited, the second largest renewable energy operator in Ukraine. EBRD's financing will constitute part of up to EUR 250 million loan package, to be extended jointly with IFC and other co-lenders. The proceeds of the loan package will be used to finance the construction and operation of two wind projects with a capacity of 57.6 MW and 200 MW in Ukraine. The Project will benefit from a first-loss guarantee under the Ukraine Investment Framework Hi-Bar programme.

The Project will strengthen Ukraine's energy resilience by adding 258 MW of wind power capacity to the power grid. With large portions of Ukraine's critical power generation capacity having been damaged by ongoing missile attacks, this Project is essential for mitigating the significant electricity deficit and advancing the country's decarbonization objectives. The new wind projects will supply clean and costieffective energy, helping to reduce the risk of power shortages during a period of exceptional strain on the electricity market and contributing to a more diversified electricity generation mix. The Project will support the mobilisation of private sector capital for the reconstruction and longiterm modernisation of the energy sector in the country

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

As stated by the EBRD, categorised IESE (2024) and High Risk due to wind sector and potential impacts on biodiversity and supply chain risks, the project is subject to an Initial Environmental and Social Examination to confirm its categorisation and to determine whether it is located within a sensitive bird area.

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, Dnistrovska Vitroelektrostantsiia LLC and Windpark WestiR LLC are project companies incorporated in Ukraine for the purposes of construction and operation of two wind projects. The Project is sponsored by Elementum Energy Limited, established in 2019 by VR Global Partners, L.P., which is part of VR Capital Group Ltd. EEL is one of the largest international renewable energy investors in Ukraine with a 636 MW diversified renewable energy portfolio under operation (28 solar power plants with an aggregate capacity of 536 MW and a 100 MW wind power plant). VR Group, founded in 1998 by Richard Deitz, is a leading alternative asset manager specialising in distressed securities, special situations, and eventidriven strategies, with a strong focus on emerging markets.

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 Limited:

Anton Kuznetsov
Email: akuznetsov@elementum.energy
Phone: +38 068 251 76 64

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