Verevskyi's Kernel raises USD 45 million EBRD loan to build solar power plant

For the first time since the start of the full-scale war, the European Bank for Reconstruction and Development (EBRD) has provided financing to one of the largest sunflower oil producers — the Kernel agricultural holding — by signing a USD 45 million loan agreement to implement a renewable energy project.

This is reported in a statement by the Kernel agricultural holding, according to the Ukrainian News agency.

The statement notes that the decision was approved by the bank’s Board of Directors and signed during the Ukraine-EU Business Summit in Brussels.

It is noted that the total cost of the project is estimated at approximately USD 86 million.

In addition to the EBRD, negotiations are underway with other international lenders, and the remainder of the investment will be financed by Kernel.

Partial coverage of the first-loss risk is provided by the European Union under the Ukraine Investment Framework (UIF).

The project involves the construction of a 106 MW solar power plant in the south of Ukraine and the installation of energy storage systems.

The facility is expected to generate approximately 141 GWh of electricity from renewable sources annually and reduce carbon dioxide emissions by 82,500 tons.

Once the power transmission line is completed, the plant will be integrated into Ukraine’s Unified Energy System (UES) and will supply “green” electricity to the domestic market, strengthening the country’s energy balance.

The agricultural holding noted that Kernel’s strategy involves building a portfolio of green energy projects with a total capacity of up to 600 MW.

The expected investment in this area is approximately USD 400 million.

As the Ukrainian News agency earlier reported, on January 8, Kernel received approval from the Antimonopoly Committee to acquire the Agro-Region group of companies.

The company owns a land bank of over 600,000 hectares — in 2017, Kernel acquired Ukrainian Agrarian Investments and completed its strategy to expand its land bank.

The company’s enterprises produce products under the brands “Shchedryi Dar,” “Stozhar,” and “Chumak Zolota.”

Kernel owns eight oilseed processing plants in Ukraine.

Kernel is the world’s largest producer and exporter of sunflower oil, the largest exporter of grain from Ukraine, the operator of an extensive network of logistics assets, and a leading producer of grains and oilseeds in Ukraine.

In fiscal year 2025, the company exported 8 million tons of agricultural products to the global market.

The company accounts for 10% of global sunflower oil exports.

Since November 2007, the company’s shares have been traded on the Warsaw Stock Exchange (WSE).