Elementum Energy Acquires 200 MW Wind Power Projects in western Ukraine
On December 11, 2024, Elementum Energy closed the acquisition of wind power projects with a total capacity of 200 MW, located at the intersection of Lviv, Ternopil, and Rivne regions, known for their strong wind potential. The total investment in the project is estimated to exceed €300 million.
The new wind farms are expected to generate 700 GWh annually, equivalent to the yearly electricity consumption of about 600,000 people. This level of production could provide critical support for Ukraine's deficit-prone energy system, especially during peak demand hours.
The acquisition process began in April 2024 with a comprehensive audit covering financial, legal, technical, and environmental aspects. Elementum Energy plans to bring the project to a "ready-to-build" stage by the end of 2025, after which construction will commence. Preparatory work will include project design, selection and delivery of turbines, grid connection, and the implementation of ESG components. The selection of turbines will factor in not only their performance but also logistical feasibility, given the challenges of transporting large wind turbine components in the current context of the full-scale invasion. The financing for the project is expected to come from a mix of local banks, international development finance institutions (DFIs), export credit agencies (ECAs), and Elementum Energy’s own equity contribution.
“This large-scale project marks a significant step in executing our strategy of geographic diversification and expanding our wind energy portfolio. Despite the challenges of war, we continue to invest in renewable energy development because we believe that such initiatives not only enhance our energy resilience and security but also lay the foundation for a sustainable future for the country. This project exemplifies how business can drive recovery and sustainable development even in times of uncertainty,” commented Olga Rybachuk, Managing Director of Elementum Energy.
Wind power offers notable advantages over other energy sources, including relatively short construction timelines and greater resilience to war-related risks. Positive environmental effects shall lead to the avoidance of more than 530,000 carbon emissions avoided. Alongside this western wind project, Elementum Energy is also developing projects in southern Ukraine, including the Lymanska Wind Farm and the Danube Project, which will add over 200 MW to the grid. Despite the challenges of the full-scale war, Elementum Energy successfully completed the second phase of the Dnistrovska Wind Farm, adding 60 MW of capacity in 2023.