Power One and EBRD Sign €22.3 Million Loan Agreement to Develop Decentralized Generation in Ukraine
The initiative has also received €3 million in grant financing from the EBRD Crisis Response Special Fund, supported by the Government of Norway.
The project involves the installation of gas engine units (36.8 MW) and energy storage systems (31.5 MW). It is the first large-scale facility in Ukraine to combine these two types of generation into a single system to ensure grid stability and flexibility.
Power One’s decentralized generation will be located across several sites with capacities of up to 10 MW each, reducing risks to the energy system and increasing its resilience to external impacts. With the rapid start-up of gas engine units and the instant response of energy storage systems, these facilities can provide swift support to the grid during peak demand hours or in the event of emergencies.
"The combination of gas engine units and energy storage systems lays the foundation for a new architecture of the Ukrainian energy system — decentralized, flexible, and resilient. This is an important step toward regional energy security and Ukraine’s integration into the European ENTSO-E network," said Dragon Capital founder Tomas Fiala.
The project’s implementation will contribute to reducing energy dependence, strengthening local energy infrastructure, and ensuring stable electricity supply for businesses and critical facilities. Dragon Capital plans to continue investing in the development of new decentralized generation facilities in 2026–2027.
Earlier, in July 2024, Power One and the EBRD signed a Memorandum of Understanding on the development of decentralized energy in Ukraine.
About Power One
Power One is a large-scale energy initiative aimed at creating a diversified portfolio of distributed electricity generation facilities in Ukraine. The project is based on a combination of highly flexible gas generation, energy storage systems (BESS), and renewable energy sources.
The project’s goal is to increase Ukraine’s generating capacity, resilience, and adaptability, ensuring the energy system can withstand wartime conditions and lay a solid foundation for the country’s economic and energy recovery post-conflict.
The project is financed with the participation of Dragon Capital and international financial institutions, with project management conducted jointly with Negen.
About EBRD
The EBRD is a multilateral development bank and Ukraine’s largest institutional investor. It has deployed more than €8.5 billion in the country since the start of Russia’s full scale invasion. Its five investment priorities in Ukraine are support for energy security, vital infrastructure, food security, trade and the private sector.
About Dragon Capital
Dragon Capital is one of Ukraine's largest groups of companies, providing a full range of investment banking, brokerage, private equity, and asset management services to institutional, corporate, and private clients. The company has over 20 years of successful direct investment experience in leading manufacturers of goods and service providers in Ukraine, as well as in landmark residential and commercial real estate projects.