Ukraine has the most volatile wholesale electricity market in Europe and the worst-funded housing sector in its reconstruction. This platform monetises the first and uses the second to unlock concessional capital: 40 MW / 120 MWh of battery storage, 5.5 MWp of solar, 5 MWe of hardened cogeneration, district heat, EV charging, 6,800 m² of commercial real estate and a facility management company, co-located with two energy-independent residential quarters for internally displaced persons in Kyiv Oblast and Lviv (1,600 apartments).

WHY NOW — Day-ahead prices averaged 5,293 UAH/MWh in 2025 (second highest of 27 European countries) and 10,048 UAH/MWh in February 2026; prices cleared at the regulatory cap in 31% of November 2025 settlement periods; households endured 1,951 hours of outages in 2024; only 12 MWh of behind-the-meter storage is connected in the entire country; 3.87M internally displaced people, 58% of long-term stayers intending to settle permanently.

CAPITAL STRUCTURE (TRANCHE B PLATFORM, US$ 69.8M) — Private investor equity US$ 24.0M (the ask); DFI senior secured debt with EU first-loss cover US$ 21.8M; EU and donor investment grant US$ 20.0M; sponsor equity US$ 4.0M. Housing (Tranche A, US$ 96.7M) is separately financed by grant, concessional debt and a municipal or donor forward purchase — the investor takes no residual equity risk in the housing. Every private dollar is matched by 0.83 dollars of grant and concessional capital.

RETURNS (10-YEAR HOLD, NET OF 5% TREATY WITHHOLDING) — Base case: 18.5% investor IRR, 3.91x equity multiple, year-10 EBITDA US$ 9.65M, minimum DSCR 1.75x (conservative 1.7% / 1.14x; optimistic 31.4% / 7.55x). Batteries build in six months and earn from Q1 2028, two years before the first apartment is handed over.

WHAT IS NOT SECURED — This is a pre-feasibility opportunity: land is identified at Kriukivshchyna and government engagement is in progress; nothing else is contracted. Forty-two of forty-three due diligence items are outstanding, six critical. Realistic time to investment readiness is nine to twelve months. Grant approval should be a condition precedent to equity drawdown. The conservative case returns 1.14x — a real downside, disclosed rather than disguised.

NEXT STEP — Review the teaser, memorandum, presentation and financial model below, then apply for collaboration: NDA, management meeting and sponsor disclosure, data room, independent storage revenue study, site visit, non-binding indication of interest.