The Amber Dragon Ukraine Infrastructure Fund I has received approval from the Antimonopoly Committee of Ukraine to acquire the Cypriot company Banoran Holdings Limited. This company owns several Ukrainian enterprises that are implementing the distributed energy project Power One.
This is reported by Business • Media
Power One: A Large-Scale Energy Initiative in Transcarpathia
Amber Dragon Ukraine Infrastructure Fund I, managed by Dragon Capital and Amber Fund Management Limited, announced the launch of its first investment project in Ukraine – Power One – at the URC2025 conference. As part of this project, Power One has signed a loan agreement with the European Bank for Reconstruction and Development (EBRD) for €22.3 million. The funds will be directed towards the construction of decentralized generating capacities with a total output of 68 MW in the Transcarpathian region. In addition to the loan, the project has received grant funding of €3 million from the EBRD Crisis Response Special Fund, which is supported by the Norwegian government. Plans include the installation of three gas piston units (36.8 MW) and three energy storage systems (31.5 MW) across six sites. The launch of facilities at the first three sites is scheduled for November 2025, while the remaining three are set for April 2026.
Ownership Structure and Fund Strategy
Currently, Banoran Holdings owns four companies: “Power 1”, “Power 1 Center”, “Power 1 Lviv”, and “Power Forest”. The main owner of Banoran Holdings is the family trust of Tomas Fiala, who is the founder and head of Dragon Capital. The approval from the Antimonopoly Committee marks a step in fulfilling the agreements regarding the transfer of the project to the Amber Dragon Ukraine Infrastructure Fund I. The operational partner for Power One is the company “Nedzhen”.
“Amber Dragon Ukraine Infrastructure Fund I has a target volume of €350 million. In January, the fund announced its first closing at €200 million, which included participation from EBRD, EIB, IFC, Swedfund, and Impact Fund Denmark. The fund’s strategy involves investments in controlling stakes or co-investments, with an average investment size ranging from €20 to €50 million”.
Thus, the acquisition of Banoran Holdings and control over Power One will enable the fund to make significant investments in the development of distributed energy in Ukraine, contributing to the enhancement of the country’s energy independence and resilience.