EBRD provides additional equity to Horizon Capital Catalyst Fund

• EBRD commits up to €20 million of additional capital to Horizon Capital Catalyst Fund, bringing its total commitment to up to €50 million
• Fund reaches €200 million at second closing, two-thirds of €300 million target
• Private investors provide around 50 per cent of new commitments

The European Bank for Reconstruction and Development (EBRD) has committed up to €20 million of additional capital to the Ukraine-focused Horizon Capital Catalyst Fund (“HCCF” or “Catalyst Fund”). This has raised the Bank’s total commitment to up to €50 million and has contributed to HCCF reaching €200 million at its second closing, up from €152 million in January 2026.

Since its initial closing, HCCF has undertaken its first investment, providing first equity to a 124 MW wind power project led by German renewable energy company Notus Energy. This transaction will help to expand the country’s energy generation capacity and strengthen the resilience of its electricity system. The project is attracting meaningful debt financing from development finance institutions (DFIs), including the EBRD. This creates a further opportunity for DFIs and other lenders to channel much-needed capital into Ukraine.

The second closing has broadened HCCF’s investor base, with Impact Fund Denmark joining alongside private investors (including family offices and foundations). Private investors are providing around 50 per cent of the new commitments, demonstrating faith in Horizon Capital and recognition of the potential benefits that Ukraine’s reconstruction can bring. They join HCCF’s initial closing investors: the EBRD, IFC, Swedfund, Proparco, Norfund and FMO.

Arvid Tuerkner, the EBRD’s Managing Director for Ukraine and Moldova, said: “The strong participation of private investors in HCCF signals confidence in Ukraine’s economy and its resilience. Partnering with private capital is key to bringing more investment into the country, and we are pleased that the EBRD’s commitment has helped to mobilise it. Through its first investment in wind power generation, HCCF also supports energy security, one of the Bank’s core priorities in Ukraine. We value our longstanding partnership with Horizon Capital and look forward to building on it.”

Dmytro Boroday, Partner and Catalyst Fund Lead at Horizon Capital, added: “The EBRD’s increased commitment played a pivotal role in attracting private capital at this closing, providing added confidence to the private sector to invest now, when capital is needed most. This expands HCCF’s ability to bring first equity to ambitious Ukrainian businesses and projects in sectors critical to the country’s recovery – including energy. We are grateful to the EBRD and our investors for their partnership in expanding bankable transactions, accelerating market entry of global players, and putting this first €200 million to work to attract up to €2 billion in total capital to Ukraine.”

HCCF invests equity and quasi-equity in capital-intensive Ukrainian mid-cap companies and projects, mainly in the energy, digital infrastructure and construction sectors. HCCF continues to raise capital with a view to achieving its €300 million target.

The EBRD has invested in every fund established by Horizon Capital since 2017. It has also co-invested alongside Horizon Capital and provided debt financing to companies in its portfolio.

The EBRD is Ukraine’s largest institutional investor. The Bank has significantly stepped up its investment in the country since Russia’s full-scale invasion, deploying €11 billion there since 2022, including a record €2.9 billion in 2025. The EBRD remains a committed and steadfast partner to Ukraine.