Kernel raises 100 million euros for construction of wind farm

Kernel is scaling up investments in Ukraine’s energy sustainability: the company has raised 100 million euros for the construction of a wind power plant.

This was reported by the press service of the agricultural holding.

Kernel has signed a loan agreement for 100 million euros with the Export-Investment Fund of Denmark (EIFO) to finance the construction of its first wind power project — a 94.5 MW wind power plant in central Ukraine. The agreement was signed with the participation of the Danish Minister of Business and Competitiveness, Martin Lidegaard.

The financing is provided within the framework of the EIFO special program to support investments in Ukraine.

The wind power plant will consist of 21 modern wind turbines, which will be supplied and installed by Vestas, one of the world leaders in the field of wind energy.

In addition, the project involves the installation of industrial energy storage systems that will help balance electricity production during peak hours. The development of such distributed renewable generation facilities is part of a broader policy of decentralizing Ukraine’s energy system, making it more resilient to war risks compared to traditional centralized generation.

“The EIFO financing is an important signal to the international investment market. This agreement confirms that even in the conditions of a full-scale war, Ukraine remains a country where large private investment projects can be implemented. For Kernel, this is a logical continuation of our long-term strategy of developing renewable energy and strengthening the energy sustainability of the business. Stable energy supply to our assets allows us to fulfill international contracts. And this, in turn, supports global food security, where Ukraine plays a critically important role. For the country, this is another step towards modernizing its energy infrastructure,” commented Kernel CEO Yevgeny Osypov.

The preparation of the project included a comprehensive international assessment of environmental and social risks in accordance with the best global practices.

The development of renewable energy is one of Kernel’s strategic priorities alongside its core agricultural business. The company consistently invests in projects that enhance operational sustainability and enhance energy security. In particular, Kernel is installing solar panels on its grain elevators and building a 106 MW solar power plant in southern Ukraine.

Once completed, the wind farm will enhance the energy independence of Kernel’s production assets and add new clean generation capacity to Ukraine’s energy system.

Reference. EIFO (Export and Investment Fund of Denmark) is the national export and investment agency of Denmark. Since the start of the war, EIFO has financed over 30 projects in Ukraine. The Kernel project is the second wind generation project in Ukraine financed by EIFO and is part of a broader support to the Ukrainian energy sector.

Vestas is one of the world leaders in wind energy with over 203 GW of installed capacity worldwide. In Ukraine, Vestas has 888 MW of wind capacity already installed or under construction.