This website uses cookies and similar technologies. We use cookies to analyse traffic and improve your experience. If you do not want the said data to be processed by us, you can always change the cookie settings in your browser or stop using this site. You can learn more from our Privacy Policy. By continuing to use this site, you consent to the processing of cookies and consent to our Privacy Policy.

Accept Close website
29 August 2019


VR Capital Group (‘VR Capital’), an alternative asset manager specializing in global emerging markets, has acquired the remaining stake in alternative energy projects jointly developed with ICU, an independent asset management, private equity and investment advisory firm specialising in Central and Eastern Europe. Terms of the transaction were not disclosed. 


The deal covers green energy facilities in three regions: “Kamianets-Podilskа” solar plant (64 MW) in the Khmelnitsky region, “Solar Capital” energy company (35 MW) in the Kherson region and a number of small stations in the Mykolaiv region (with a total capacity of 127 MW).


Makar Paseniuk, Managing Partner of ICU commented:

“We are pleased to have acted as VR Capital’s partner in the alternative energy sector and to have jointly invested in it. We are proud of the role we played in contributing to the energy independence of our country and we want to thank VR Capital for the partnership and support in these projects. VR Capital has been a visionary among western investors in understanding the enormous potential of Ukraine and being ready to support the country even during difficult times. I am still confident that these assets are in good hands and that the key alternative energy sector in Ukraine is positioned to attract further large foreign investments. We see a great potential in our economy and we continue our work with international investors”.


This transaction was approved by the Antimonopoly Committee of Ukraine on July 4th 2019. 


About ICU


ICU is an independent asset management and investment advisory firm specialising in the emerging markets of Central and Eastern Europe.


Founded in 2006 by senior investment professionals from ING, ICU is Ukraine's leading asset manager with over $500m in assets under management. Our current strategy includes significant allocations to venture capital and distressed debt.


Our veteran investment team has experience in private equity & venture capital, high yield corporate debt, distressed debt, restructurings and other special situations across a number of emerging markets. Investment decisions are supported by robust macroeconomic and sectoral analyses from our in-house team of research economists.


We aim to provide our clients with superior risk-adjusted returns across a number of asset classes. The firm is expanding its reach into key European markets via a combination of organic growth and acquisition and continues to expand the range its investment offerings.


Makar Paseniuk and Konstantin Stetsenko are founding partners of ICU.