Denmark's export and investment fund EIFO has approved a USD 116.63 million loan to Kernel, one of Ukraine's largest agro-industrial companies, to finance the construction of a 94.5 MW wind farm in central Ukraine.

The project, which includes 21 wind turbines supplied and installed by Vestas along with battery storage systems, marks Kernel's entry into the renewable energy sector and represents EIFO's second wind farm financing in Ukraine since the start of the war.

Responding to a Devastated Energy Grid

The war in Ukraine has destroyed half of the country's electricity generation capacity, creating what EIFO describes as an urgent need for new and more resilient power infrastructure.

The USD 116.63 million loan is being provided through EIFO's Ukraine Facility, an instrument specifically established to enable critical investments during the war, including higher-risk projects tied to the reconstruction of the Ukrainian economy.

EIFO CEO Peder Lundquist framed the decision in direct terms. When half of a country's electricity production is gone, the priority is to bring new capacity online quickly, he said, adding that Kernel is stepping forward at a moment when Ukraine needs it most. Lundquist also noted that the reconstruction of Ukraine represents a significant business opportunity for Danish companies, with Vestas among those leading the way.

Danish Minister for Business and Competitiveness Martin Lidegaard offered similarly pointed language in welcoming the financing. When Russia tries to turn out the lights, we help switch hope back on in Ukraine, he said, describing the combination of EIFO financing, Vestas technology, and Kernel's participation as solidarity you can plug into.

Kernel's Strategic Pivot Into Energy

Kernel, headquartered in Kyiv, is primarily known as a major agro-industrial operator and is described as the world's leading exporter of sunflower oil. The company is now expanding into renewable energy, including wind, solar, and energy storage, as part of a long-term strategic shift intended to strengthen its own energy independence while also contributing to Ukraine's broader energy transition.

The wind farm will supply clean electricity to both Kernel's own operations and the Ukrainian grid. Kernel CEO Yevgen Osypov described the project as much more than a new source of electricity, calling it an investment in Ukraine's resilience, energy independence, and long-term economic recovery.

He said the company continues investing in Ukraine despite the war because it believes in the country's future and credited EIFO's support with enabling what he characterized as one of the largest private renewable energy investments in Ukraine today.

Osypov also drew a direct line between Kernel's food supply chain role and its new energy ambitions. By linking global food security with local energy resilience, he said, Kernel is working toward a more stable and decentralized energy future for Ukraine.

Vestas Supplying and Installing the Turbines

Vestas, the Danish wind turbine manufacturer, will supply and install the 21 turbines that make up the wind farm. The project was previously announced as an undisclosed order in Vestas' second quarter 2026 order intake before being publicly identified in connection with this financing announcement.

José Luis Jimeno, President of Vestas Mediterranean, said the project sets a new technological standard for grid flexibility by combining high-performance wind turbines with advanced battery storage systems. Vestas has installed more than 207 gigawatts of wind power globally and currently has 1,200 megawatts of capacity installed or under construction in Ukraine.

Part of a Larger EIFO Commitment to Ukraine

The Kernel wind farm financing is not a standalone transaction for EIFO. Since the beginning of the war, the Danish export and investment fund has financed more than 35 projects in Ukraine.

The current loan is the second wind farm the organization has financed in the country and is part of what EIFO describes as a broader effort to support Ukraine's energy sector during and after the conflict.

The Ukraine Facility through which the loan is channeled is designed specifically to ensure that investments can proceed under wartime conditions, including for projects that carry risk levels beyond what conventional financing arrangements would typically support. EIFO's involvement in such projects reflects a policy rationale that combines commercial interest with geopolitical support for Ukraine's reconstruction.

The battery storage component of the wind farm is intended to address one of the central vulnerabilities of Ukraine's current electricity system: the need for greater resilience against infrastructure attacks and supply disruptions.

By pairing generation capacity with storage, the project is designed to contribute to a more decentralized and stable grid, rather than simply adding raw output to a system that remains under pressure.

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