Case example: Nefco co-finances the largest windfarm in Ukraine

We are co-financing the construction of the largest wind power plant in Ukraine together with the European Bank of Reconstruction and Development (EBRD), the Green for Growth Fund (GGF) and the Netherlands Development Finance Company (FMO). The 250 MW wind farm will be built in Kherson Oblast in south Ukraine.

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Co-financiers in our investment projects

Nefco aims to create added value for its customers by supplementing other sources of funding and acting as co-financier together with other financial institutions and investment funds. So far, we have participated in several projects in our main project countries together with other financiers, such as:


Finnfund is a development financier which builds a sustainable world by investing in responsible and profitable businesses in developing countries. It is owned by the Finnish state, Finnvera and the Confederation of Industries.

Investment Fund for Developing Countries

The Danish Investment Fund for Developing Countries (IFU) provides risk capital and advice to companies wishing to set up business in Africa, Asia, Latin America and parts of Europe. The purpose is to contribute to economic and social development in the investment countries.


Swedfund is the Development Finance Institution of the Swedish state. Its mission is to combat poverty by investing in and develop sustainable business in the world’s most challenging markets.

Nordic Investment Bank

The Nordic Investment Bank (NIB), owned by Denmark, Finland, Iceland, Norway, Sweden, Estonia, Latvia and Lithuania, offers long-term financing to projects to private and public projects in and outside the member countries. NIB and Nefco have been cooperating since the beginning, among others, initiating and co-managing the Baltic Sea Action Plan Fund. NIB has also lended capital to Nefco.

The European Bank for Reconstruction and Development

The European Bank for Reconstruction and Development (EBRD) was established to help build a new, post-Cold War era in Central and Eastern Europe. It has since played a historic role and gained unique expertise in fostering change in the region, investing more than EUR 130 billion in a total of over 5,200 projects. EBRD has been involved as co-financier in several projects together with Nefco.

The European Investment Bank

The European Investment Bank (EIB) is the lending arm of the European Union. EIB is the world’s largest multilateral lender and the biggest provider of climate finance. EIB lend to public and private sectors and support small companies through local banks and lend money to innovative start-ups. Mid-cap companies can receive direct support for research and development investments. EIB is the anchor investor in the BaltCap Infrastructure Fund that focus primarily on investments related to renewable energy, energy efficiency and transport as well as social infrastructure projects in the Baltic countries.

Black Sea Trade and Development Bank

Black Sea Trade and Development Bank (BSTDB) was established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine which are the 11 founding countries of the Black Sea Economic Cooperation (BSEC) as a financial pillar of BSEC. BSTDB’s key sectors are infrastructure, energy, transport, manufacturing, telecommunications and the financial sector.

Netherlands Development Finance Company (FMO)

Netherlands Development Finance Company (FMO) is the Dutch development bank. FMO supports sustainable private sector growth in developing and emerging markets by investing in businesses, projects and financial institutions. FMO is a co-financier in a large windfarm project in Ukraine, run by the Norwegian windfarm developer NBT AS and French Total Eren S.A.

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