The Export & Investment Fund of Denmark (EIFO) is providing a €100m loan to finance a new Ukrainian wind farm, capable of powering tens of thousands of households.
The war in Ukraine has destroyed half of the country’s electricity generation, creating an urgent need for new and more resilient power capacity, EIFO said.
EIFO is supporting Kernel, one of Ukraine’s largest agricultural companies, in the construction of a 94.5MW large-scale wind farm in central Ukraine to strengthen both its own operations and Ukraine’s energy transition and security. The project includes 21 wind turbines supplied and installed by Vestas, as well as battery storage systems designed to strengthen the resilience of Ukraine’s electricity system.
Against this backdrop, Kernel, one of Ukraine’s largest agro-industrial companies and the world’s leading exporters of sunflower oil, is expanding into renewable energy as part of its long-term strategy.
The financing is provided through EIFO’s Ukraine Facility, established to ensure that critical investments can be carried out during the war, including higher-risk projects that support the reconstruction of the Ukrainian economy.
Peder Lundquist, CEO of EIFO, said: “We are pleased to help pave the way [in bolstering Ukraine’s electricity capacity]. At the same time, the reconstruction of Ukraine represents a significant business opportunity, where Danish companies – such as Vestas – are helping lead the way. This benefits Danish industry and is crucial for Ukraine.”
Danish Minister for Business and Competitiveness Martin Lidegaard welcomed the financing. “When Russia tries to turn out the lights, we help switch hope back on in Ukraine. With financing from Denmark’s Export and Investment Fund (EIFO), Vestas’ technology and Kernel as a strong Ukrainian partner, we’re enabling a new wind farm that will rapidly deliver reliable, green power to tens of thousands of households and keep the economy moving,” he said. “That’s solidarity you can plug into – and a tangible step toward a freer, greener and more resilient Ukraine.”
Lundquist added: “When half of a country’s electricity production is gone, the priority is to bring new capacity online quickly. That requires someone to step forward. Kernel is doing exactly that. It is already one of Ukraine’s most prominent companies, and now it is entering energy as a new and critical business area. We are pleased to help pave the way.
“At the same time, the reconstruction of Ukraine represents a significant business opportunity, where Danish companies – such as Vestas – are helping lead the way. This benefits Danish industry and is crucial for Ukraine.”
Kernel, headquartered in Kyiv, is expanding into renewable energy, including wind, solar and energy storage, to strengthen its own energy independence while supporting Ukraine’s energy transition.
The project will supply clean electricity to both Kernel’s operations and the Ukrainian grid, helping strengthen energy resilience and support economic recovery.
Kernel CEO Yevgen Osypov said: “This project is much more than a new source of electricity. It is an investment in Ukraine’s resilience, energy independence and long-term economic recovery.
“Despite the war, we continue investing in Ukraine because we believe in its future. We are grateful to EIFO for its trust and partnership, which enables one of the largest private renewable energy investments in Ukraine today. By linking global food security with local energy resilience, we are not just securing our supply chain, but actively building a more stable and decentralised energy future for Ukraine.”
José Luis Jimeno, president of Vestas Mediterranean, added that Ukraine’s wind power is more than a resource and “is a force for recovery, resilience and renewal”. He said: “By combining high-performance wind turbines with advanced battery storage systems, this project sets a new technological standard for grid flexibility. Those who invest today will shape tomorrow’s energy landscape. Together, we can build back greener, better and stronger.”
The Kernel project is EIFO’s second wind farm financing in Ukraine and part of a broader effort to support the country’s energy sector. Since the beginning of the war, EIFO has financed more than 25 projects in Ukraine.
Vestas has installed more than 207 GW of wind power globally and has 1.200 MW of capacity installed or under construction in Ukraine.
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