Ukraine's Green Recovery Gains Momentum with €220M Wind Project Deal

DAVOS, Switzerland – January 20, 2026

In a powerful demonstration of international confidence in Ukraine's economic future, Kyiv-based private equity firm Horizon Capital has announced its first major investment from a new reconstruction-focused fund, backing a 124-megawatt wind power project in the Odesa region. The deal, unveiled at the World Economic Forum in Davos, represents a significant injection of capital into Ukraine's embattled energy sector and provides a tangible blueprint for the nation's green recovery.

The transaction sees Horizon Capital's newly launched Catalyst Fund acquire a 45% stake in the project, which is being developed by the German renewable energy firm Notus Energy. The announcement, made in the presence of Oleksii Sobolev, Ukraine's Minister of Economy, Environment and Agriculture, marks one of the most significant foreign direct investments in Ukraine's critical infrastructure since the start of the full-scale conflict.

A Catalyst for Reconstruction

At the heart of the deal is the Horizon Capital Catalyst Fund (HCCF), a vehicle specifically designed to de-risk and drive investment into Ukraine's most vital sectors. The fund achieved an impressive initial closing of €152 million, more than half of its €300 million target, attracting capital from a consortium of leading development finance institutions (DFIs), including the IFC, EBRD, Swedfund, and Norfund.

HCCF's strategy is to deploy "catalytic equity"—initial investments of €20 to €50 million—into asset-heavy industries like energy, digital infrastructure, and construction. The goal is to create bankable, high-quality projects that can then attract much larger sums of follow-on debt and equity. This first investment is expected to mobilize over €220 million in total, with a structured debt package led by institutions like the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC).

"This Project is exactly the type of high-quality, bankable project the Catalyst Fund was built to back," said Dmytro Boroday, Partner at Horizon Capital and the fund's lead. "It mobilizes large-scale capital now, for a critical sector of Ukraine's economy, sets a benchmark for international standards in the energy sector, and sends a powerful message of confidence in Ukraine's future."

This approach addresses a core challenge for Ukraine: attracting private capital while the country faces immense security risks. By partnering with DFIs and structuring deals to international standards, Horizon Capital aims to create a multiplier effect, turning its initial equity into billions of euros for national reconstruction.

Powering Ukraine's Energy Resilience

The 124 MW wind farm is more than just a financial transaction; it is a strategic asset for Ukraine's energy security. With the country's energy infrastructure having sustained severe damage during the war, building new, decentralized, and renewable power sources is a national priority. The Odesa project represents a significant step in this direction.

Upon completion, the wind farm is expected to generate 378 GWh of clean electricity annually, enough to power approximately 120,000 Ukrainian households. This will not only help stabilize the regional grid but also contribute significantly to Ukraine's climate goals, reducing annual CO₂ emissions by an estimated 244,000 tons. The project also promises a substantial economic boost, creating over 300 jobs during its construction phase and 50 permanent high-skilled positions for its operation.

The project aligns with the Ukrainian government's vision for a post-war recovery rooted in sustainability and European integration. With ambitious targets to increase the share of renewables in its energy mix, Ukraine is positioning itself to rebuild its economy on a modern, green foundation. This investment demonstrates that the path to energy independence can run parallel to reconstruction efforts.

A Blueprint for Foreign Investment

The partnership between Germany's Notus Energy and Ukraine's Horizon Capital highlights a successful model for future foreign direct investment. Notus Energy brings global technical expertise, having implemented 1.6 GW of installed renewable capacity across 18 countries. Horizon Capital provides deep local market knowledge, an established track record, and the financial architecture needed to navigate a complex environment.

For Notus Energy, this is the first step in a much larger strategic commitment to Ukraine. The Odesa project is the first of three wind farms in its near-term pipeline, totaling around 300 MW. The company has a broader ambition to develop over 1.3 GW of renewable capacity in Ukraine by 2030.

"We are honored to partner with Horizon Capital as this transaction marks a significant milestone for Notus Energy in the implementation of our first project in Ukraine," commented Heiner Dietmar Roger, Founder and CEO of Notus Energy. "We view Ukraine as a market with strong fundamentals for RES deployment, and this transaction lays the ground for Notus Energy to propel our mid-term development pipeline."

This deal serves as a crucial case study for other international companies considering entry into the Ukrainian market. It demonstrates that with the right local partners, robust risk mitigation from DFIs, and well-structured projects, investing in Ukraine’s recovery is not only possible but also commercially viable. It counters the narrative of a frozen investment landscape, proving that strategic capital is flowing into sectors critical for the country's long-term survival and prosperity. The project's adherence to best-in-class governance and international environmental and social standards further solidifies its role as a benchmark for future large-scale investments in the nation.