The European Bank for Reconstruction and Development (EBRD) intends to provide long-term debt financing for the implementation of the second phase of the Power One project, which is being implemented by the investment firm Dragon Capital and the Ukrainian energy company Negen and is planned to create nearly 170 MW of generating capacity at six sites in Ukraine.
According to an Interfax-Ukraine correspondent, the relevant letter of mandate was signed on the sidelines of the URC 2026 Conference on Ukraine’s Recovery in Gdańsk between the EBRD, Negen, and the Amber Dragon Ukraine Infrastructure Fund I, managed by Dragon Capital and Amber Infrastructure.
Participants in the ceremony included Managing Director of Sustainable Infrastructure Group at EBRD Harry Boyd-Carpenter; Head of the Amber Dragon Ukraine Infrastructure Fund I and Head of the Infrastructure Division at Dragon Capital Eugene Baranov; and Co-founder of Negen and Managing Partner of Power One Volodymyr Kudrytsky.
Dragon Capital specified in a press release that the total budget for the second phase of the project is estimated at over EUR 90 million. According to the agency, the EBRD loan could amount to up to EUR 50 million.
The second phase of the Power One project consists of a 160 MW battery energy storage system and a 9 MW peak-load gas piston power plant at various locations in Ukraine.
Dragon Capital siad that in 2025, during the Conference on Ukraine’s Recovery in Rome, the parties signed a letter of mandate regarding debt financing for the first phase of Power One in the amount of EUR 21.1 million. This project is already underway: 28.4 MW of generating capacity has already been commissioned, with an additional 40 MW scheduled to come online in 2026.
"Implementing the second phase will allow us to become leaders in the energy storage market, bringing the total capacity of our battery fleet to more than 750 MWh," Kudrytsky said in the press release.
He said that additional financing from the EBRD enables the deployment of stations from scratch within six to eight months, ensuring a 98% availability rate, and positions the company as a leader in the sector in terms of both speed and operational efficiency.
"Investments in Ukraine’s energy sector are one of the key areas of Dragon Capital’s long-term investment strategy. The upcoming EBRD financing is an important step in the implementation of the Power One project, as it provides the necessary debt capital to complete the second phase," Baranov commented on the signed document.
