Deal Snapshot
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Founders:
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Volodymyr Kudrytskyi – former CEO, Ukrenergo
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Andriy Nemirovskyi – co-founder, Negen development company
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Dragon Capital – investment firm led by Tomasz Fiala
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Initial Capital: US $30 million (fully financed by Dragon Capital)
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Phase 1 Build-out: 60 MW of gas generation and battery energy-storage systems (BESS)
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Total Target: 150 MW across storage, gas peakers, and renewables by end-2026
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Ownership: Dragon provides equity; Negen founders serve as operating partners. Stakes will rebalance as new investors join.
Strategic Rationale
“Ukraine’s grid will need multiple gigawatts of fresh capacity before 2030. We’re seizing that window now.”
— Volodymyr Kudrytskyi
Why the Project Matters
| Driver | Impact |
|---|---|
| Grid resilience | Gas peakers and batteries stabilize frequency during Russian strike disruptions. |
| Decarbonization mix | Combines quick-start gas with solar/Wind and BESS to meet Ukraine’s Green Deal targets. |
| Speed to market | 60 MW online in Phase 1, leveraging modular technology for rapid deployment. |
| Investment case | Attractive day-ahead and balancing-market revenues; hedged by capacity-payment reforms. |
Project Timeline
| Milestone | Capacity | Date |
|---|---|---|
| Phase 1 EPC start | 60 MW gas + BESS | Q4 2025 |
| Grid connection & commissioning | 60 MW | Q2 2026 |
| Phase 2 expansion | +90 MW (mix of renewables & storage) | Q3–Q4 2026 |
| Aggregate portfolio | 150 MW | End-2026 |
Technology Mix
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Gas-Fired Peaker Units – rapid-ramp turbines for peak-hour support
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Battery Energy Storage (BESS) – 1- to 2-hour lithium-ion systems for grid balancing and ancillary services
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Renewables – site-dependent solar or wind installations to hedge fuel costs and reduce emissions
Funding & Ownership Evolution
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Dragon Capital: Lead equity investor in initial tranche
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Future rounds: Open to institutional and strategic co-investors; equity splits to be revised accordingly
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Debt options: Possible EBRD or EU-backed green-finance lines for Phase 2 assets
Market Outlook
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6–8 GW of new capacity needed by 2030 to replace damaged plants and meet demand growth.
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Regulatory tailwinds: Market operator plans new capacity-payment mechanism; EU-Ukraine grid integration deepens liquidity.
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Revenue stacks: Energy arbitrage, frequency-containment reserve (FCR), fast-reserve services, and capacity payments.
