"Amber Dragon (Fund). Public disclosures by international financial institutions describe the fund's profile: IFC notes that Amber Dragon focuses on rebuilding critical infrastructure, targeting €350 million, while the EIB confirms its participation and investment mandate in Ukraine's energy, transport, and digital infrastructure sectors. Separately, the EBRD has published a project description page regarding potential participation in the fund (up to €60 million). Together, this defines the institutional "umbrella" contour."
"Power One (Private JV). On July 10, 2025, at the URC Conference in Rome, Dragon Capital, energy company Negen, and the EBRD signed a Mandate Letter for €21.1 million in financing for Power One - a portfolio of distributed, flexible generation assets. Structurally, Dragon owns 100% of Power One at launch, while Negen acts as the operational partner. These details are publicly fixed in Dragon's press release and confirmed by the media."
Dragon Capital is entering Ukraine's critical infrastructure through two channels: the Amber Dragon infrastructure fund and the private Power One joint venture. Amber Dragon targets rebuilding energy, transport, and digital infrastructure with an expected €350 million size and potential EBRD participation of up to €60 million, with EIB and IFC involvement. Power One received a Mandate Letter for €21.1 million, is structured as Dragon-owned with Negen as operational partner, and focuses on distributed, flexible generation assets. Searches at the former Ukrenergo CEO's residence and debate over his 2024 dismissal create reputational exposure. Distributed generation portfolios depend on Ukrenergo and long-term ancillary service contracts, with five-year auctions producing predictable cash flows for new capacities.
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