Denmark’s export credit agency has provided a €100mn loan to Ukrainian agribusiness group Kernel to build a wind farm in central Ukraine, as the company diversifies into renewables to help plug the energy gap left by war damage to the country’s grid.
The Export and Investment Fund of Denmark (EIFO) is financing the project through its Ukraine Facility, a dedicated scheme set up to keep higher-risk investment flowing into the country during the war.
Kyiv-headquartered Kernel is one of Ukraine’s largest agro-industrial companies and a leading global exporter of sunflower oil. The wind project marks the company’s first foray into renewable energy, with power set to be used both for its own operations and fed into the national grid.
EIFO is providing a direct loan of €100mn to a special purpose vehicle within the Kernel Group in Ukraine, the agency told GTR. The loan has a maximum tenor of 14 years, including a construction period of up to two years.
To support the project’s ramp-up phase and initial liquidity needs, repayment begins after a two-year grace period and is then amortised linearly over 10 years, the agency said.
The 94.5MW wind farm – which is expected to be operational and on the grid by Autumn 2027 – will comprise 21 turbines supplied and installed by Danish manufacturer Vestas, alongside a 30MW battery storage system.
Around half of the country’s electricity generation capacity has been destroyed since the start of the war, according to EIFO, underlining the need for new power sources.
The agency said the addition of battery storage to the Kernel project will help balance fluctuations in power generation and make the national grid more resilient.
EIFO CEO Peder Lundquist said: “[Kernel] 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,” he said.
Kernel CEO Yevgen Osypov said the new wind farm project represented “one of the largest private renewable energy investments in Ukraine today” and “is much more than a new source of electricity – it is an investment in Ukraine’s resilience, energy independence and long-term economic recovery”.
The announcement marks EIFO’s second wind farm deal in the Ukrainian market. In 2025, the agency guaranteed a US$420mn loan from Danske Bank to Ukrainian energy company DTEK to expand the Tyligulska wind farm in the Mykolaiv region, also using Vestas turbines, GTR reported at the time.
Its Ukraine facility has now backed more than 25 projects since Russia’s 2023 invasion, the agency said.
