Horizon Capital to support 124 MW wind power project by Notus Energy under its new Ukraine-focused Fund HCCF
Horizon Capital, a private equity firm operating in Central and Eastern Europe, has announced the first interim closing of its new Horizon Capital Catalyst Fund ("HCCF," the Catalyst Fund), focused on Ukraine's recovery.
According to a press release published by Horizon Capital on its website on Tuesday, HCCF's first investment is support for the German company Notus Energy in financing a 124 MW wind power project in Ukraine's Odesa region.
At Initial Closing, HCCF raised EUR 152 million, representing more than 50% of the fund's EUR 300 million target size.
Horizon Capital explained that the Catalyst Fund will provide equity capital ranging from EUR 20 million to EUR 50 million of growth capital per investment into asset-heavy strategic sectors that require significant capital today, including energy, digital infrastructure and construction.
Regarding the 124 MW Notus Energy wind power project, it is reported that the Catalyst Fund will acquire a 45% stake. Overall, the project is expected to mobilize more than EUR 220 million of total investment, including a structured debt package led by international development finance institutions, including EBRD, IFC, Swedfund, BIO, and Green for Growth Fund. Completion of the transaction is subject to the signing of final transaction documentation and receipt of the required regulatory approvals under applicable law.
The first 124 MW wind power project developed by Notus Energy is one of the most advanced and well-structured renewable energy projects in Ukraine. The project is the first of three wind farms in Notus Energy's near-term Ukraine pipeline totaling approximately 300 MW, and part of a broader Ukrainian renewable development pipeline of over 1.3 GW across projects at different stages.
The wind power plant is expected to generate approximately 378 GWh of electricity annually, enough to supply nearly 120,000 households, and to help reduce CO₂ emissions by an estimated 244,000 tons per year. In addition, the project will create more than 300 jobs during the construction phase and 50 permanent jobs. The release notes that the project fully complies with international environmental and social standards, ensuring best practices in corporate governance and sustainable development.
"This Project is exactly the type of high-quality, bankable project the Catalyst Fund was built to back: it mobilizes 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," commented Dmytro Boroday, Partner at Horizon Capital and Catalyst Fund Lead.
According to him, partnering with Notus Energy demonstrates that Ukraine can attract high-quality global investors and substantial investments when projects are structured to international standards, protected by robust risk mitigation, and developed and backed by strong partners.
"By deploying catalytic equity, we aim to crowd in substantial follow-on capital into critical infrastructure that will power Ukraine's recovery and long-term growth," Boroday summarized.
According to Notus Energy founder and CEO Heiner Dietmar Rogge, the company views Ukraine as a market with strong fundamentals for RES deployment, and this transaction lays the ground for Notus Energy to propel our mid-term development pipeline in Ukraine, with an ambition to reach 1.3 GW until 2030.
According to the release, Notus Energy, founded in 2001, is a German developer, operator, and investor in renewable energy with a global presence. Its operational experience spans 18 countries, with a large-scale portfolio of wind and solar generation projects totaling 1.6 GW.
Horizon Capital is a leading private equity firm in Emerging Europe with over $1.8 billion in assets under management with a capital base exceeding $700 billion. The firm's investment strategy focuses on backing visionary entrepreneurs leading fast-growing businesses in Ukraine and Moldova. Horizon Capital-managed funds have invested in over 190 companies employing over 56,000 people.