Horizon Capital announced it has completed an initial closing for its reconstruction-focused Horizon Capital Catalyst Fund and signed its first transaction: a partnership with Germany-based Notus Energy to finance a 124-megawatt wind power project in Ukraine’s Odesa region.
The private equity firm said the Catalyst Fund, which targets asset-heavy sectors including energy, digital infrastructure, and construction, has raised €152 million at its initial closing—more than half of its €300 million target. Under the transaction, the fund is expected to acquire a 45% stake in the wind project, which Horizon Capital said is among Ukraine’s most advanced ready-to-build renewable developments.
Horizon Capital and Notus Energy signed the deal during a ceremony held at Ukraine House in Davos, attended by Oleksii Sobolev, Ukraine’s Minister of Economy, Environment, and Agriculture, the companies said.
The overall project is expected to mobilize more than €220 million of total investment, including a structured debt package led by international development finance institutions. Horizon Capital cited EBRD, IFC, Swedfund, BIO, and the Green for Growth Fund among the institutions involved.
Notus Energy, founded in 2001, said it has implemented 1.6 gigawatts of installed renewable capacity globally and views the Odesa wind farm as its first of three near-term Ukraine wind projects totaling about 300 MW. The company added that its broader renewables development pipeline in Ukraine exceeds 1.3 GW across projects at various stages, with an ambition to reach 1.3 GW by 2030.
Horizon Capital said the 124 MW project is expected to generate 378 gigawatt-hours of electricity annually—enough to supply roughly 120,000 households—and to reduce carbon dioxide emissions by about 244,000 tons per year. The project is also expected to create more than 300 construction jobs and 50 permanent roles once operational, while adhering to international environmental and social standards, the firms said.
The deal remains subject to definitive documentation and customary regulatory clearances.
KEY QUOTES:
“We are thrilled to join forces with Notus Energy for the implementation of their first wind energy project in Ukraine. 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. 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.”
Dmytro Boroday, Partner, Horizon Capital; Catalyst Fund Lead
“We are honored to partner with Horizon Capital as this transaction marks a significant milestone for Notus Energy in the implementation of our first project in Ukraine. With the Catalyst Fund’s investment, we have the equity backing to proceed ahead with the 124 MW project to deliver critical power capacity, create high-skilled technical jobs, and contribute to Ukraine’s sustainability goals. We view 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.”
Heiner Dietmar Roger, Founder and CEO, Notus Energy
