Kernel, the agroholding owned by businessman Andrii Verevskyi, has secured $45 million from the European Bank for Reconstruction and Development (EBRD) to implement a renewable energy project. The decision was approved by the bank’s Board of Directors and signed during the Ukraine–EU business summit in Brussels, the company’s press service reported.
The total cost of the project is estimated at approximately $86 million. In addition to the EBRD, the company is negotiating with other international lenders, while the remaining investment will be financed by Kernel itself.
Part of the risk coverage is provided by the European Union under the Ukraine Investment Framework. The project предусматривает the construction of a 106 MW solar power plant in southern Ukraine, as well as the installation of energy storage systems. The facility is expected to generate around 141 GWh of electricity annually and reduce CO₂ emissions by 82,500 tonnes. After the construction of transmission lines, the plant will be integrated into Ukraine’s unified energy system and will supply electricity to the domestic market.
The development of renewable energy is one of Kernel’s key investment priorities.
“Today, Ukraine is acutely experiencing a shortage of power generation, as large facilities remain vulnerable to attacks. Our response to these challenges is the development of distributed generation, particularly solar and wind energy, as well as the implementation of energy storage systems,” said Kernel CEO Yevhen Osypov.
Kernel’s strategy envisions building a portfolio of “green” projects with a total capacity of up to 600 MW, with overall investments of around $400 million.
