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Volyn West Wind farm

Ukraine | Utilities

Identification Code:: OP/25/0028
Total Operation Cost:: 262.500.000 EUR
Maturity:: 192 months
Operation Status:: BSTDB Approved Amount – Approval Date

25.000.000 EUR – 10 Jun 2026
: BSTDB Signed Amount – Signed Date

25.000.000 EUR – 23 Jun 2026
: Status:
Active
Description and Purpose of the Operation:: Provision of a long-term debt facility to special purpose vehicles controlled by the existing client, GNG / OKKO Group (Group), through its sponsor company, GNG Retail Public Limited (Sponsor), and ultimate parent company, VI.AN Holding Limited (Parent). The financing will support the Group’s capital expenditure needs primarily related to the construction and operation of its second wind power plant in Ukraine (Project). Specifically, the Project involves the development, construction, commissioning, and operation of a greenfield wind farm with a total installed capacity of 189 MW.
Countries of Operation:: Ukraine (100,00%)
Financial Product:: Loans
Sector:: Utilities
Domain:: Private
Borrower/Client:: Volyn West Wind-2 LLC and Volyn West Wind-3 LLC, legal entities incorporated in Ukraine.
Co-Financers/Participants:: European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC)
Guarantors/Sponsors:: GNG Retail Limited, a Cyprus-based company established pursuant to the laws of Cyprus. VI.AN Holding Limited, a legal entity incorporated in Cyprus.
Developmental and Regional Cooperation Impact:: Through the proposed investment in the renewable energy generation facility, the Project will help address Ukraine’s critical energy needs and strengthen the resilience of its power generation infrastructure. The Project is also expected to generate broader economic gains for Ukraine, notably through increased tax revenues and job creation during both the construction and operational phases of the wind power plant. By adding 189 MW of new renewable energy capacity to Ukraine’s national grid, the Project will support the country’s transition to a low-carbon economy and reduce dependence on fossil fuel-based electricity generation. As a result, it will improve the environmental performance of the Ukrainian power sector by contributing to significant CO₂ emissions reductions.
Environmental Classification and Impact:: Category B+ with medium-high E&S risks and impacts, which are generally site-specific, mostly reversible, and can be readily addressed through mitigation measures. The Project is expected to largely comply with Ukrainian and international good practice for E&S management applicable to wind farms. Based on the latest review several material aspects remain to be clarified or further strengthened to fully align with the Lender’s requirements. These and other outstanding actions will be addressed through the ESAP together with continued monitoring and reporting during construction and operation. The Operation is in line with the Banks’ Climate Change Strategy objectives.
Operation Leader:: Energy & Infrastructure
E-mail:: ei@bstdb.org