Horizon Capital, via Horizon Capital Catalyst Fund (HCCF), has agreed to acquire a 45% stake in a 124 MW wind project in Ukraine, marking the fund’s first investment since launch. The project is being acquired from Notus Energy and is located in the Odesa region, currently at a ready-to-build stage.

The core signal is not the asset size, but the capital structure. The project is expected to mobilize over $255.91 million (€220 million) in total investment, anchored by a structured debt package led by DFIs, including EBRD, IFC, Swedfund, BIO, and Green for Growth Fund. This materially lowers execution and sovereign risk.

HCCF’s initial close of $176.81 million (€152 million) provides the equity platform, with a stated $23.26–58.16 million (€20–50 million) check size per deal. Deploying that capital first into Ukraine sends a clear underwriting message: risk is being priced, structured, and syndicated rather than avoided.

Commercially, this matters because DFI-led leverage restores bankability in markets previously frozen for private capital. The presence of multilaterals is doing the heavy lifting on risk mitigation, allowing growth equity to re-enter asset-heavy energy infrastructure.

The deal signals that Ukraine renewables are re-opening, but only where projects are construction-ready and capital stacks are institutionally engineered, not balance-sheet dependent.

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