Kernel, one of Ukraine’s largest agricultural holdings and grain storage operators, plans to invest approximately $400 million in the energy sector over the next two years, CEO Yevhen Osypov announced.
“We have made a strategic decision to move into energy. Our liquidity is one of the components of these new investments. Last year, we implemented a $20 million pilot project, and over the next two years we plan to invest around $400 million in this direction,” he said at the Forbes Agro conference in Kyiv.
According to Osypov, the company is preparing large-scale wind and solar power projects, as well as energy storage systems (ESS), with a total planned capacity of about 600 MW. The holding is currently in the process of securing financing from international financial institutions, including the European Bank for Reconstruction and Development (EBRD).
The CEO recalled that Kernel began investing in energy back in 2018, allocating $230 million to cogeneration projects. Today, all of the company’s assets are fully supplied with its own “green” energy, meeting global standards and EU regulations.
Commenting on debt levels, Osypov noted that at the beginning of the full-scale invasion the company had approximately $700 million in obligations to international banks and Eurobond holders.
“We do not have a large liquidity cushion, despite significant figures on our accounts. When we have $500–600 million, that represents only one month of operations given our multi-billion-dollar turnover. (…) We always seek a balance between external and internal debt,” he explained.
Osypov also emphasized that he does not support a strategy of fully minimizing borrowing. In his view, investments in transparency and ESG standards are essential to attract substantial long-term capital and enable the company’s transition to a new stage of development.
Earlier, in January 2026 at the World Economic Forum in Davos, Osypov stated that Kernel’s strategic goal is to become a leading player in green energy. At that time, the company confirmed the implementation of its first 20 MW pilot solar power plant and announced plans to build a 250 MW solar facility in the Chernivtsi region. Majority shareholder Andriy Verevskyi noted in the company’s 2025 annual report that Kernel maintains a cautious approach to renewable energy investments while actively exploring opportunities to expand in wind, solar, and energy storage segments.
In the 2025 financial year (July 2024 – June 2025), Kernel supplied 8 million tonnes of agricultural products to global markets. The holding reported net profit of $238 million, up 42% year-on-year, while consolidated revenue reached $4.115 billion, marking a 15% increase compared to the previous financial year.
