On December 11, Elementum Energy, owned by VR Capital, an international fund led by American investor Richard Deitz, finalized the acquisition of a 200 MW wind power project. The project is located in Western Ukraine, at the junction of Lviv, Rivne, and Ternopil regions. According to Forbes, the investment in the construction of the wind farm will exceed €300 million.
The new wind farm is expected to generate approximately 700 GWh of electricity annually, enough to supply energy to around 600,000 people.
The company plans to prepare the project for construction within a year. Preparatory works will include designing, selecting and delivering turbines, connecting to the power grid, and implementing ESG components focusing on environmental, social, and governance sustainability.
Elementum Energy’s Operations in Ukraine
In 2023, Elementum Energy completed the second phase of the Dniester Wind Farm with a capacity of 60 MW. Additionally, the company is designing two other wind farms – “Lymanska” and “Dunaiska,” with a combined capacity exceeding 200 MW.
Founded in 2019, Elementum Energy is a leading international investor in Ukraine’s renewable energy sector, with offices in Kyiv, London, and Odesa. The company’s green energy portfolio in Ukraine includes solar and wind farms with a total capacity of 636 MW.
Owner’s Investment Activities
The company’s founder and owner, American investor Richard Deitz, has invested over €500 million in Ukraine’s renewable energy, including solar and wind power projects, according to YouControl.