Kyiv-based private equity firm Horizon Capital announced the maiden investment through its newly launched Ukraine reconstruction-focused Catalyst Fund, with the acquisition of a 45% stake in a 124 MW wind farm developed by Germany-based Notus Energy in the Odesa region.
The project is expected to mobilise more than EUR 220 million in total investment, including a structured debt package led by international development finance institutions such as the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), Swedfund, BIO, and the Green for Growth Fund, Horizon Capital said in a press release on January 20.
The announcement came just moments after a signing ceremony at the World Economic Forum in Davos, marking the first closing of the Catalyst Fund, with Horizon Capital securing EUR 152 million toward a EUR 300 million target for the fund.
Catalyst Fund provides EUR 20-50 million of growth capital per investment into asset-heavy strategic sectors, including energy, digital infrastructure, and construction.
First of three wind farms in pipeline
Horizon Capital said that Notus Energy's 124 MW wind project is expected to generate 378 GWh of clean electricity annually, enough to power 120,000 households, while reducing CO₂ emissions by about 244,000 tons per year. It will create over 300 jobs during construction and 50 permanent positions.
The project is the first of three wind farms in Notus Energy's near-term Ukraine pipeline, together totaling about 300 MW, and forms part of a broader renewable development pipeline of more than 1.3 GW in Ukraine across projects at various stages.
"This Project is exactly the type of high-quality, bankable project the Catalyst Fund was built to back: it mobilises large-scale capital now, for a critical sector of Ukraine's economy, sets a benchmark for international standards in the energy sector, and sends a powerful message of confidence in Ukraine's future," said Catalyst Fund lead Dmytro Boroday.
Horizon Capital has over $ 1.8 billion in assets under management from investors with a capital base exceeding $700 billion. Its investment strategy focuses on Ukraine and Moldova. Horizon Capital-managed funds have invested in over 190 companies employing over 56,000 people.
