On January 20, an agreement was signed between the German energy company Notus Energy and the American-Ukrainian investment firm Horizon Capital to finance a joint project to build a 124 MW wind farm in the Odesa region. In addition, Horizon Capital announced the initial closing of its Horizon Capital Catalyst Fund, which focuses on reconstruction efforts.
The signing of both agreements took place in the presence of Ukraine’s Minister of Economy, Environment and Agriculture, Oleksiy Sobolev, at the World Economic Forum in Davos.
Previously, Horizon Capital successfully launched the Horizon Capital Catalyst Fund (HCCF), aimed at supporting the recovery and reconstruction of key sectors of Ukraine’s economy. At its first closing, the fund raised €152 million—over 50% of its €300 million target. The fund focuses on sectors critical to the country’s reconstruction and in need of substantial private capital investment: energy, digital infrastructure, and construction.
Alongside the first closing, the fund completed structuring its first investment—the construction of the wind farm in the Odesa region, developed by the German energy company and developer Notus Energy.
“I congratulate Horizon Capital and our partners—IFC, EBRD, Proparco, Swedfund, Norfund, and FMO—on the first closing of the Catalyst Fund. This sends a signal to the world: we are not waiting for the end of the war to rebuild the country. Equally important is the strategic partnership with the German company Notus Energy, especially as Ukraine has lost over 60% of its generating capacity due to constant attacks. The presence of such major players in Ukraine demonstrates that the country can attract significant international capital even during wartime,” said Oleksiy Sobolev.
The structure of the agreement includes:
- The Catalyst Fund will hold 45% of the project and provide the corresponding share of equity for construction.
- Notus Energy will retain the controlling stake and act as the lead investor in the deal, financing the remaining required equity and managing construction and subsequent operation of the facility.
The total project budget exceeds €220 million and includes significant debt financing from international financial institutions (IFIs) and development finance institutions (DFIs), including EBRD, IFC, Swedfund, BIO, and the Green for Growth Fund (GGF).
The Odesa project is the first of three wind power plants in Notus Energy’s Ukrainian portfolio, with a total capacity of approximately 300 MW. It is also part of a broader renewable energy development portfolio in Ukraine, exceeding 1.3 GW across projects at various stages of development.
