Key facts
- Kernel, a major Ukrainian agribusiness, is investing in renewable energy.
- The company is building a 94.5 MW wind farm in central Ukraine.
- The Export and Investment Fund of Denmark (EIFO) is providing a EUR 100 million loan for the project.
- The wind farm will include 21 Vestas turbines and a 30 MW battery storage system.
- The project is expected to be operational by Autumn 2027.
Ukrainian agribusiness Kernel is diversifying into renewable energy by constructing a 94.5 MW wind farm in central Ukraine, supported by a EUR 100 million loan from Denmark's Export and Investment Fund (EIFO). This initiative aims to enhance Ukraine's energy resilience amidst significant grid damage caused by the ongoing war.
The project, which marks Kernel's first venture into renewable energy, will feature 21 turbines supplied by Danish manufacturer Vestas and incorporate a 30 MW battery storage system. The power generated will be utilized for Kernel's own operations and fed into the national grid. EIFO is financing the project through its dedicated Ukraine Facility, designed to maintain investment flow into the country during wartime.
The loan has a maximum tenor of 14 years, including a two-year grace period before repayment begins, amortized linearly over 10 years. The wind farm is anticipated to be operational by Autumn 2027. EIFO noted that approximately half of Ukraine's electricity generation capacity has been destroyed since the war began, highlighting the critical need for new power sources and grid stabilization solutions like battery storage.
EIFO CEO Peder Lundquist stated that Kernel's entry into the energy sector is crucial and that Danish companies like Vestas are playing a leading role in Ukraine's reconstruction. Kernel CEO Yevgen Osypov described the project as one of the largest private renewable energy investments in Ukraine and a significant contribution to the country's resilience, energy independence, and economic recovery.