Kernel to build solar power plant in southern Ukraine with partial EBRD financing
The European Bank for Reconstruction and Development (EBRD) has provided financing to Kernel for the first time since the start of the full-scale war. The agribusiness holding secured a $45 million loan for the construction of a solar power plant.
The agreement was signed during the Ukraine–EU business summit in Brussels held on April 22-23.
The total project cost is estimated at around $86 million. In addition to the EBRD, negotiations are ongoing with other international lenders, while the remaining investment will be financed by Kernel itself. Partial first-loss risk coverage is provided by the European Union under the Ukraine Investment Framework (UIF).
Kernel will build a 106 MW solar power plant in southern Ukraine, including energy storage systems. The facility is expected to generate approximately 141 GWh of renewable electricity annually and reduce carbon dioxide emissions by 82,500 tons.
Once transmission infrastructure is completed, the plant will be integrated into Ukraine’s Unified Energy System and will supply green electricity to the domestic market.
Overall, Kernel’s strategy includes developing a portfolio of green energy projects with a total capacity of up to 600 MW. Expected investment in this segment is estimated at around $400 million.
