EBRD increases Horizon Capital Catalyst Fund commitment to support Ukraine energy investment

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EBRD increases Horizon Capital Fund

Highlights

EBRD increased its commitment to the Horizon Capital Catalyst Fund, raising it from €152 million in January 2026 to €200 million at its second closing.
The fund made its first equity investment in a 124 MW wind power project by Notus Energy, aiming to boost Ukraine's generation capacity and energy resilience.
Private investors now represent about 50 percent of new commitments, with the €200 million fund expected to help attract up to €2 billion in capital to Ukraine.

Fund expansion and first energy investment

As reported by European Bank for Reconstruction and Development, the additional commitment raises the Ukraine-focused Horizon Capital Catalyst Fund from €152 million in January 2026 to €200 million at its second closing. The fund continues to target €300 million and invests equity and quasi-equity in capital-intensive Ukrainian mid-cap companies and projects, mainly across energy, digital infrastructure and construction.

Since its initial closing, the fund has made its first investment by providing first equity to a 124 MW wind power project led by German renewable energy company Notus Energy. The transaction is intended to expand Ukraine's power generation capacity and strengthen the resilience of the country's electricity system, while also attracting debt financing from development finance institutions, including the EBRD.

Arvid Tuerkner, the EBRD's managing director for Ukraine and Moldova, says the participation of private investors signals confidence in Ukraine's economy and resilience. Dmytro Boroday, partner and Catalyst Fund lead at Horizon Capital, says the larger EBRD commitment plays a pivotal role in drawing private capital and expanding the fund's capacity to back Ukrainian businesses and projects in sectors critical to recovery.

Private capital signal for Ukraine recovery

The second closing broadens the fund's investor base with Impact Fund Denmark joining alongside private investors, including family offices and foundations. Private investors account for around 50 per cent of the new commitments, joining earlier backers IFC, Swedfund, Proparco, Norfund and FMO.

Horizon Capital says the first €200 million committed to the fund is expected to help attract up to €2 billion in total capital to Ukraine by expanding bankable transactions and supporting the market entry of global players. The EBRD has invested in every fund established by Horizon Capital since 2017, and has also co-invested alongside the firm and provided debt financing to companies in its portfolio.

The bank remains Ukraine's largest institutional investor and has stepped up activity in the country since Russia's full-scale invasion. It says it has deployed €11 billion in Ukraine since 2022, including a record €2.9 billion in 2025, underscoring the strategic role of energy security and reconstruction finance in its current investment approach.

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