Sayenko Kharenko is acting as Ukrainian legal counsel to the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) on the financing of the Notus Wind project in Ukraine.
The transaction, announced at the Ukraine Recovery Conference in Gdansk, Poland, is expected to support the construction and operation of a 120 MW wind power plant in Ukraine, developed by the German renewable energy company Notus Energy. The financing includes a loan of EUR 65 million from EBRD and a loan of EUR 70 million from IFC, supported by the European Commission, France, and Norad. It forms part of a broader financing package alongside Swedfund, the Belgian Investment Company for Developing Countries (BIO) and the project sponsors. The project is expected to strengthen Ukraine’s energy resilience, support its decarbonisation objectives and contribute to the further development of the country’s renewable energy sector. According to EBRD, the transaction is also expected to mark the first financing under the IFC–EBRD Mutual Reliance Framework.
Igor Lozenko, partner at Sayenko Kharenko, commented:
“We are pleased to assist the lenders on the continued deployment of institutional capital into Ukraine’s energy sector. A transaction of this scale reflects the tremendous efforts and close cooperation of all parties involved. We believe that transactions of this kind will play an important role in attracting broader private investment into Ukraine over time.”
EBRD is Ukraine’s largest institutional investor, having substantially increased its investment in the country since Russia launched a full-scale invasion in 2022. Since the start of the war, EBRD has deployed more than €10.5 billion to support the real economy, with a focus on energy security, private-sector resilience and critical infrastructure.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet.
Sayenko Kharenko’s cross-practice team includes Igor Lozenko, Oles Trachuk, Nataliia Hutarevych, Tymur Enkhbaiar, Taras Bondarenko, Vladyslava Mitsai, Artem Medvetskyi, Victoria Chorna, Danylo Dashko, Oleh Kriuchka, Mykhailo Risenberh, Karina Zadorozhna and Yevhenii Sapojnikov. Clifford Chance is acting as lead international counsel to EBRD, IFC and the other lenders, while Clyde & Co is advising Notus Energy.