Clyde & Co advises NOTUS energy on the project financing of its 123.9 MW wind farm in Ukraine

Clyde & Co is advising NOTUS energy on the project financing of its 123.9 MW wind farm project in Ukraine. As announced at the Ukraine Recovery Conference in Gdansk, Poland, the parties signed the principal financing agreement on 25 June 2026.

The project is being financed by a consortium of leading international financial institutions and investors. The International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) will each be providing €70 million of senior debt (with support from the European Commission and Norad – Norwegian Agency for International Development). Additional junior debt was provided by Swedfund (€15 million) and BIO (€7 million). The project has also attracted strong equity and strategic investment support from Horizon Capital, through its Catalyst Fund, and the Green for Growth Fund (GGF), alongside NOTUS energy.

Alex Blomfield, Energy Transition Partner in London, said: “This is significant as the first project financing of a large-scale renewable energy project in Ukraine to sign with a foreign sponsor since Russia’s full-scale invasion of Ukraine in February 2022. As such we hope that it bolsters confidence in the sector and shows that foreign capital can play a role in catalysing development and investment even during the war. We congratulate NOTUS energy, the sponsors and the lenders on this important milestone and look forward to continuing to work towards financial close.”

As part of the wider project development, Clyde & Co is also advising NOTUS on:

• the power purchase arrangements with a corporate offtaker– which may be one of the first long-term corporate power purchase agreements for a large-scale renewable energy project in Ukraine; 
• the turbine supply, commissioning and remote monitoring and service agreements with Nordex; and
• the balance of plant engineering procurement and construction (EPC) contract.

Alex Blomfield (Partner) leads the Clyde & Co team advising on the transaction, with Marc Fèvre (Senior Consultant) playing a key role on the financing and the PPA, with support from John Angus (Senior Associate) and Guyanne Sinon (Associate).

Clyde & Co is working alongside IMPACTA Law, which acts as Ukrainian counsel to the project company. Clifford Chance and Sayenko Kharenko (SK) act as English law and Ukrainian law counsel respectively to the lenders.