Elementum Energy

What Elementum Energy does

Elementum Energy Limited is a UK-incorporated independent power producer and subsidiary of VR Capital Group (an international asset management firm with approximately $5 billion AUM operating in Ukraine since 1999). Founded in 2019 and headquartered in Kyiv with a London office, the company develops, owns, and operates large-scale renewable energy assets in Ukraine, making it the largest foreign investor in the country's renewables sector and the #1-ranked Alternative Energy Player in Forbes Ukraine's 2024 list. Elementum operates across six Ukrainian regions with a 636 MWp portfolio, generates approximately 950,000 MWh of electricity annually, and avoids an estimated 729,600 tons of CO2 emissions per year, securing electricity supply for over 790,000 households.

The company's asset base comprises 28 solar photovoltaic power plants (approximately 540 MW) and the 100 MW Dnistrovska Wind Farm in the Odesa region, equipped with GE wind turbines (10 x GE 137-4.0 MW in Phase I and 11 x GE Cypress 5 MW in Phase II). Underlying technology centers on grid-connected solar PV and wind generation with commercial electricity trading infrastructure. A development pipeline of more than 4,300 MWp includes the 200 MW Wind Park West in western Ukraine, the 158 MW Lymanska Wind Farm, the 58.5 MW Danube Wind Parks (Kiliya, Artsyz, Artsyz-2), and pilot battery energy storage systems for imbalance management and energy arbitrage. The company is differentiated by its pioneering role in commercial electricity sales for renewables in Ukraine, its Contract for Difference (CfD) price stabilization mechanism, and its Guarantees of Origin certificate program.

Elementum monetizes generation through four primary streams: legacy feed-in tariff sales to the state-backed Guaranteed Buyer, market-based bilateral electricity sales to industrial enterprises and energy traders, CfD contracts that hedge price volatility for industrial offtakers (signed with cement producer CEMARK/CRH Group), and Guarantees of Origin certificate sales to corporate ESG buyers (first contract with D.TRADING for 18,000 MWh in 2025). Its go-to-market combines direct enterprise field sales to industrial manufacturers (cement, building materials), sales-led partnerships with DFIs and ECAs for project financing, and sustainability-led community engagement. Key enterprise customers include CRH Group entities (Mykolaivcement, Podilskyi Cement, Cement LLC) and D.TRADING; institutional capital partners include the U.S. DFC and, at corporate level, VR Capital Group as sole investor.

Name

Elementum Energy

Legal name

Elementum Energy Limited

Website

https://elementumenergy.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

51–100 employees

Short description

Elementum Energy Limited is a UK-incorporated independent power producer operating Ukraine's largest foreign-investor renewable portfolio (636 MWp of solar and wind), selling electricity via feed-in tariffs, CfD contracts to industrial enterprises, and Guarantees of Origin certificates to corporate ESG buyers.

Ownership category

akta.pro rank

Product category

Independent Renewable Power Production

NAICS

Electric Power Generation (22111), Wind Electric Power Generation (221115), Solar Electric Power Generation (221114), Electric Power Generation, Transmission and Distribution (2211)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Wind Power Plant EPC (Onshore/Offshore) (EUAEAAAF)

akta.pro secondary industries

Wind Balance-of-Plant EPC (Crane Pads, Turbine Foundations, Internal Roads) (EUAEADAI), Construction Management & General Contracting (EPCM, Scheduling, QA/QC, HSE) (EUAMAFAJ), PPA Origination, Advisory & Contract Management (Negotiation, Credit, Settlements) (EUAGADAL)

Keywords

• Renewable energy generation
• Solar power projects
• Wind power projects
• Independent power production
• Electricity trading services

Headquarters

HQ city

Kyiv

HQ country

Ukraine

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Electricity Generation and Sales: Sale of electricity generated from solar and wind power plants to the grid under feed-in tariffs and market-based pricing models. Includes commercial electricity trading through bilateral agreements with trading companies and industrial consumers.
2. Feed-in Tariff Revenue: Revenue from government-supported feed-in tariffs for renewable electricity from previously built generation capacity
3. CfD Contracts: Contract for Difference agreements providing price stabilization for industrial consumers while generating predictable revenue streams for the company
4. Guarantees of Origin: Sale of Guarantees of Origin certificates to businesses for ESG reporting, climate declarations, and regulatory compliance in EU markets. First contract signed for 18,000 MWh in 2025.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Elementum Energy is a UK-based independent power producer that develops, owns, and operates large-scale solar and wind power plants in Ukraine (636 MWp installed capacity across 29 plants) and sells the generated electricity to the grid, to industrial consumers via Contract for Difference (CfD) price-stabilization agreements, and on the commercial electricity market. The company also issues and sells Guarantees of Origin certificates to corporate buyers for ESG and EU compliance reporting.

Product overview

Elementum Energy is a UK-based independent power producer that develops, owns, and operates large-scale renewable energy projects in Ukraine. The company operates a portfolio of 28 solar power plants (approximately 540 MW) and one major wind farm (Dnistrovska WPP, 100 MW), totaling 636 MW of installed capacity. The company is also developing multiple new wind projects including Lymanska Wind Park (~158 MW), Wind Park West (200 MW), and Danube Wind Parks (58.5 MW), along with battery energy storage systems. On the services side, Elementum offers commercial electricity trading, CfD price stabilization contracts for industrial consumers, and Guarantees of Origin certificates for renewable energy verification.

Differentiator

Problem solved

Functional benefit

Products and services

• Solar Power Plants Portfolio Portfolio of 28 grid-connected photovoltaic power plants totaling approximately 540 MW that generate and supply renewable electricity to the Ukrainian grid and industrial off-takers.
• Dnistrovska Wind Farm 100 MW wind farm in Odesa region with 21 GE turbines that generates renewable electricity sold under feed-in tariff, market-based commercial trading, and CfD contracts with industrial consumers.
• CfD Price Stabilization Contracts Contract for Difference (CfD) financial mechanism establishing a price corridor; settlements are triggered if market prices move outside agreed limits, providing industrial buyers with cost certainty and the producer with stable cash flow.
• Guarantees of Origin Certificates Official certificates confirming electricity was generated from renewable sources, sold to corporate buyers so they can declare green energy use, comply with EU sustainability regulations, and support ESG/climate reporting.
• Commercial Electricity Trading Market-based electricity sales in which Elementum independently trades generated electricity on the Ukrainian wholesale market through bilateral agreements with energy trading companies and direct off-take contracts.

Quantifiable outcome

• 636 MWp installed capacity generating 950,000 MWh annually
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered minor and core.

• Power Women Program (Scatec, FMO, IFC, Swedfund, Ministry of Economy of Ukraine, EdEra)minorGTM or Marketing Partner · 1 May 2026Two-month educational program for women entering renewable energy careers. Combines theoretical training, practical assignments, and hands-on exposure to solar plant operations. Elementum Energy became partner in 2026.
• Odesa Regional State AdministrationcoreStrategic or Co-development Partner · 20 April 2026Memorandum of cooperation signed for joint investment projects in renewable energy and support for local communities. Investment of EUR 90 million in three wind power plants (~57.6 MW) in Odesa region.
• Charity Fund 'Community Development Fund Initiative'coreStrategic or Co-development Partner · 25 March 2026Partnership for annual Social Projects Competition. Foundation administers application evaluation, technical reviews, and participant consultations. 2026 fund of UAH 1,875,000 supporting 13-15 community projects.
• CEMARKcoreStrategic or Co-development Partner · 1 June 2025Cement manufacturer group (part of CRH Group) signed one-year CfD contract for electricity price stabilization with Dnistrovska Wind Farm. Includes Mykolaivcement PJSC, Podilskyi Cement JSC, and Cement LLC. Second CfD contract for Elementum Energy in Ukrainian market.
• D.TRADINGcoreStrategic or Co-development Partner · 19 May 2025First agreement for sale of 18,000 MWh Guarantees of Origin certificates in 2025, certifying renewable electricity generation for corporate ESG reporting.
• Initiative E+ NGOminorStrategic or Co-development PartnerEmergency humanitarian aid during Russia's full-scale invasion; UAH 1 million allocated for tactical medical supplies and UAH 2 million for defender support.
• GE RenewablescoreTechnology or IntegrationSupplier of wind turbines for Dnistrovska WPP: 10 x GE 137-4.0 MW turbines (Phase I) and 11 x GE Cypress 5 MW turbines (Phase II, 60 MW total). GE Cypress features revolutionary two-piece blade design.
• Ukraine Power ResourcescoreStrategic or Co-development PartnerAmerican renewable energy developer and co-developer of Dnistrovska wind project. Developed 2.4 GWs of wind capacity across seven countries. Affiliate of First Summit Energy.
• Ukrainian Wind Energy AssociationminorGTM or Marketing PartnerIndustry association partner for educational initiatives including 'Children for the Clean Planet' creative competition with 234 children from 38 teams participating.
• Ukraine Recovery ConferenceminorGTM or Marketing PartnerParticipation in URC23 in London - largest event for Ukraine's recovery and reconstruction after Russian aggression. Managing Director spoke on energy strategy.

Scale indicators11 records

Recent moves7 records

Expansion highlights7 records

Regional players

• CEZ Group: Czech integrated utility with significant Central European renewables portfolio and historical engagement in Ukrainian energy projects. Comparable as a regional renewable operator with cross-border CEE exposure and similar corporate PPA/governmental offtake dynamics.

Broad incumbents

• Enel Green Power: Global renewables arm of Enel Group with broad wind/solar/storage portfolio across multiple geographies. Comparable as a large-scale, multi-technology renewable IPP pursuing market-based offtake structures in emerging markets.
• EDP Renováveis: Major Iberian-origin renewables operator with global wind/solar footprint. Comparable as a multi-geography IPP combining generation, development and corporate PPA contracting.
• Engie: French global utility with substantial renewables footprint and emerging-markets presence. Comparable as a large incumbent pursuing renewable IPP growth and corporate PPA structures similar to Elementum's CfD/GO approach.
• RWE Renewables: European utility-major with substantial wind and solar operations across Europe and the US. Comparable as a large-scale renewable IPP transitioning from regulated tariffs to corporate/CfD-style PPAs.
• Acciona Energía: Spanish global renewables operator with wind and solar assets in more than 20 countries. Comparable as a multi-geography renewable IPP pursuing corporate PPA and GO certificate commercialization.
• AES Corporation: US-listed global power generation major with historical Ukrainian generation operations (AES Ukraine) and a renewables-led strategy. Overlaps with Elementum as a foreign strategic investor in Ukrainian energy and a renewable IPP focused on emerging markets.
• Iberdrola Renewables: One of the world's largest renewable IPPs with significant wind and solar capacity globally. Comparable as a diversified renewable generator pursuing corporate PPA structures and CfD-style hedging mechanisms.

Direct peers

• Scatec ASA: Norwegian renewables developer with active emerging-markets wind/solar/storage operations and an explicit partnership with Elementum on the Power Women program. Highly comparable in business model (IPP with renewable EPC + storage focus) and emerging-markets orientation.
• DTEK Renewables: Largest Ukrainian private energy holding and renewables operator, controlling significant wind and solar capacity in Ukraine. Directly comparable business model (Ukrainian IPP with diversified renewable generation portfolio) and target market.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/elementumenerg
• LinkedInlinkedin.com/company/elementum-energy

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Elementum Energy