The International Finance Corporation (IFC), part of the World Bank Group, signed documents on December 20, 2024, to provide the "Galnaftogaz" Concern with a loan of $53.87 million to finance the construction of a 147 MW wind farm in the Volyn region and offer technical support.
According to information on the IFC website, the total project cost is estimated at EUR 261 million (including VAT), with a 16-year loan being granted to the newly established project companies LLC "Wind Power GSI Volyn" and LLC "Wind Power GSI Volyn 3," which are controlled by GNG Retail Limited and its subsidiary "Concern Galnaftogaz" (collectively known as GNG Group).
The project is noted to involve blended financing, including contributions from UK-FCDO and EC-UIF, as well as the Clean Technology Fund.
Earlier, on December 4, the European Bank for Reconstruction and Development (EBRD) also approved participation in the project, having signed documents to provide the aforementioned LLC with a long-term loan of EUR 60 million for the construction of the 147 MW wind farm in the Volyn region.
The wind farm is expected to generate approximately 380 GWh (380 million kWh) of renewable electricity with zero carbon emissions annually.
The Antimonopoly Committee of Ukraine (AMCU) granted approval in February 2024 for GNG Retail Limited (Cyprus) to acquire over 50% of the charter capital in LLC "Wind Power GSI Volyn" and LLC "Wind Power GSI Volyn 3." According to public registry data, GNG Retail Limited owns 89.5% of the two LLCs, while JSC "ZNVKIIF Rimini" (in which 83.19% is owned by Vitaly Antonov) owns 10.5%.
OKKO's CEO Vasily Daniilyak announced the commencement of wind farm construction in the Volyn region in the fall of 2024. He explained the group's plans in the renewable energy sector as a necessity to diversify the business, given that the fuel market no longer anticipates growth.
"Galnaftogaz" manages one of the largest gas station networks in Ukraine, OKKO, which includes over 400 complexes with a network of food establishments. The concern also encompasses other businesses.
Vitaly Antonov's GNG Retail Limited owns 90.25% of the shares in "Concern Galnaftogaz." In October 2024, Avalia Investments Limited (Cyprus), founded by Igor Mazepa, the head of Concorde Capital, acquired an additional 7.35% of the shares.