Concorde Capital has launched the first stage of Encraft, a network of distributed-generation facilities and energy-storage systems. The first of eight gas-piston units began operating yesterday, with the remaining seven scheduled to start power generation within the next two weeks.
The project is led by Igor Mazepa, founder of Concorde Capital and a prominent Ukrainian investment banker who decided to diversify his profits in the energy sector. Mazepa previously acquired the Ukrainian subsidiary of Chinese drilling firm Beiken and pledged to invest over €120 million ($142.5 million) in energy assets. His investment strategy focuses on addressing Ukraine’s electricity shortages caused by the destruction of over 10 GW of generating capacity during the war.
“The first of eight gas-fired power plants has been working since yesterday; 18.4 MW of gas-fired power plants are ready for commercial operation, and electricity will start being sold to the grid starting today,” Mazepa announced on Facebook on Friday.
Key details of Encraft
The Encraft project has launched its initial phase, providing 18.4 MW of capacity through gas-piston technology designed for flexible energy generation. This first stage required an investment of €15 million ($17.7 million). According to Mazepa, Concorde Capital financed it alongside a group of private partners.
Looking ahead, expansion plans for the second phase are already underway with an estimated investment of €35 million ($41 million). By 2027, the project will add 60 MW of power generation and 240 MWh of energy storage capacity across Ukraine.
Who is Igor Mazepa?
Igor Mazepa established Concorde Capital in 2004, which has become one of Ukraine’s leading investment companies. His portfolio includes the Dobrobut medical chain, cement production company Kryvyi Rih Cement, interests in online retail, such as beauty market MAKEUP. Concorde Capital also invested in mining, oil and natural gas extraction companies, and in the Energozberezhennia group of companies supplying thermal energy.
In early 2024, Mazepa was involved in a high-profile legal case concerning land acquisition near the Kyiv Hydroelectric Power Station. After being detained with an initial bail set at Hr. 349 million ($9 million), the Kyiv Court of Appeal later reduced the amount to Hr. 21 million ($504,000), and he was subsequently released on bail.