Funding
EBRD Adds Up to €20 Million to Horizon Capital Catalyst Fund as It Reaches €200 Million
By News Desk ·
Key takeaways
- The EBRD committed up to €20 million of additional capital to the Horizon Capital Catalyst Fund, raising its total commitment to up to €50 million.
- The Catalyst Fund reached €200 million at its second closing, up from €152 million in January 2026, with private investors providing around 50 per cent of new commitments.
- Impact Fund Denmark joined the second closing alongside private investors, including family offices and foundations.
- The fund made its first investment, providing first equity to a 124 MW wind power project led by Notus Energy.
The European Bank for Reconstruction and Development committed up to €20 million of additional capital to the Ukraine-focused Horizon Capital Catalyst Fund, raising its total commitment to up to €50 million, the EBRD said. The commitment contributed to the fund reaching €200 million at its second closing, up from €152 million in January 2026.
Horizon Capital's Second Closing and New Investors
The second closing broadened the fund'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. They join the initial closing investors: the EBRD, IFC, Swedfund, Proparco, Norfund and FMO.
Impact Fund Denmark and Norfund acquired a 49% equity stake in Vena Energy's 500 MWp Ixus Bugallon Solar Power Project in the Philippines, DealStreetAsia reported on October 16, 2026.
Since its initial closing, the fund has made its first investment, providing first equity to a 124 MW wind power project led by German renewable energy company Notus Energy. The project is attracting debt financing from development finance institutions, including the EBRD.
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."
Dmytro Boroday, Partner and Catalyst Fund Lead at Horizon Capital, said: "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."
The fund invests equity and quasi-equity in capital-intensive Ukrainian mid-cap companies and projects, mainly in energy, digital infrastructure and construction, and continues to raise capital toward a €300 million target.
Horizon Capital's Fund History
Horizon Capital held the first closing of the Catalyst Fund at €152 million in January 2026, according to akta.pro company records, anchored by IFC at €50 million, the EBRD at €30 million, Swedfund at €20 million, Proparco, Norfund and FMO. The same records show the fund took a 45% stake in the 124 MW Notus Energy wind project in Ukraine's Odesa region in April 2026, a project expected to mobilise over €220 million of total investment and generate 378 GWh annually. Horizon Capital manages seven funds with over $1.8 billion in assets under management.
Renewable Energy Deals Elsewhere
Exus Renewables North America closed $345 million in senior secured financing led by Goldman Sachs Alternatives, PR Newswire reported on November 12, 2026. The EBRD invested €20 million in Eesti Energia's first green bond, 6.7% of a planned €300 million issuance, the EBRD reported on November 5, 2026. Wollemi Capital and Australian superannuation fund Rest acquired a majority stake in distributed solar operator Redball Energy, Mirage News reported on November 12, 2026.