Sayenko Kharenko advises on the financing of 189 MW Galnaftogaz Wind II project in Ukraine
Sayenko Kharenko is acting as Ukrainian legal counsel to the European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC), the Black Sea Trade and Development Bank (BSTDB), British International Investment (BII) and Swedfund on the financing of the Galnaftogaz Wind II project in Ukraine.
The transaction, signed at the Ukraine Recovery Conference in Gdansk, Poland, is expected to support the development, construction and operation of a 189 MW wind power plant in western Ukraine, developed by GNG Group (OKKO Group), one of Ukraine’s leading private business groups. The financing includes a loan of EUR 50 million from IFC, a loan of up to EUR 50 million from EBRD, a loan of EUR 48.5 million from BII, as well as loans from BSTDB and Swedfund. The financing package has been supported by the EU’s Ukraine Investment Framework and Norad.
The project is expected to strengthen Ukraine’s energy resilience, support its decarbonisation objectives and contribute to the further development of the country’s renewable energy sector. Once operational, the wind farm is expected to generate around 467 GWh of renewable electricity annually, helping to address power shortages caused by damage to infrastructure and avoiding approximately 300,000 tonnes of CO₂ emissions each year. In addition to its energy impact, the project is expected to generate employment during construction and operation and support private sector investment in critical infrastructure.
EBRD is Ukraine’s largest institutional investor, having substantially increased its investment in the country since Russia launched a full-scale invasion in 2022. Since the start of the war, EBRD has deployed EUR 10.5 billion to support the real economy, with a focus on energy security, private-sector resilience and critical infrastructure.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. In fiscal year 2025, IFC committed a record USD 71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet.
BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. Its authorized capital is EUR 3.45 billion.
British International Investment (BII) is the UK’s development finance institution and impact investor. BII supports Ukraine’s economic resilience and recovery through a series of investments in partnership with other leading international institutions.
Swedfund is Sweden’s development finance institution with the mission of reducing poverty through sustainable investments in developing countries. Swedfund finances and develops businesses that contribute to sustainable growth, job creation and increased access to essential products and services.
Sayenko Kharenko’s cross-practice team includes Igor Lozenko, Oles Trachuk, Natalia Hutarevych, Tymur Enkhbaiar, Taras Bondarenko, Vladyslava Mitsai, Artem Medvetskyi, Victoria Chorna, Danylo Dashko, Oleh Kriuchka, Karina Zadorozhna and Yevhenii Sapojnikov.
