EBRD to finance second phase of Power One distributed generation project
NV
The European Bank for Reconstruction and Development (EBRD) will
provide long-term financing for the second phase of Power One, a Ukrainian distributed
power
generation project.
The deal was announced on June 26 by Dragon Capital, the firm managing the project together with Negen private energy company.
The budget for the second phase is estimated at over EUR90 million ($103 million). The parties signed a mandate letter for long-term financing during the Ukraine Recovery Conference in Gdansk.
The EBRD will provide long-term debt financing to complete the second phase, which is expected to add nearly 170 megawatts of generating capacity across six sites in Ukraine.
In 2025, at the Ukraine Recovery Conference in Rome, the partners signed a mandate letter for financing the first phase of Power One worth EUR21.1 million ($24 million). That phase is already under way: 28.4 megawatts have been commissioned and another 40 megawatts are planned for 2026.
Yevhen Baranov, head of Amber Dragon Ukraine Infrastructure Fund I and head of the infrastructure division at Dragon Capital, said investment in Ukraine’s energy sector is a key element of Dragon Capital’s long-term strategy. He called the EBRD financing “an important step” that provides the debt capital needed to finish the second phase and signals international confidence in Ukraine’s energy sector.
Volodymyr Kudrytskyi, co-founder of Negen, managing partner of Power One and former head of state energy operator Ukrenergo, said the agreement paves the way for rapid, efficient scaling of the Power One portfolio. He added that the project can deploy power stations from scratch in six to eight months and maintains an availability rate of about 98 percent, making it a sector leader in speed and operational efficiency.
“Completing the second phase will help us become leaders in energy storage, bringing the total capacity of our battery fleet to more than 750 megawatt-hours,” Kudrytskyi said.
Founded in Kyiv in 2000 by Tomas Fiala, Dragon Capital
owns the NV magazine, NV.ua website, and NV Radio.
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