Project description:

Challenge: With the outbreak of the full-scale war, regional entrepreneurs faced a number of serious challenges. Key problems included limited access to financing, reduced demand, logistics and supply issues, destruction of production facilities, loss of equipment and product stocks, forced displacement and staff shortages, and an energy crisis. As a result, there has been a decrease in tax revenues to local budgets, a reduction in jobs, a decline in the level of well-being in communities, and a decrease in support for IDPs and vulnerable groups, including through food banks. Another challenge was overcoming barriers to professional development, self-realization, and production development due to a lack of resources or knowledge among entrepreneurs.

Solution: Astarta, together with its partners, has implemented a number of large-scale entrepreneurial initiatives such as “Smilyvi”, “Course towards Independence,” and “Kryla”. The goal of each project was not only to provide educational and financial support for the development of production capacities, but also to create sustainable conditions for the development of socially responsible small and medium-sized businesses, the social integration of veterans, the development of women’s entrepreneurship, the creation of new jobs, and strengthening the economy and self-sufficiency of communities during the war and in the post-war recovery period.

Result:

– UAH 200 million was invested in the project;

– 570 businesses received funding to establish or develop production facilities and capacities;

– These businesses created over 1,110 new jobs;

– 1,304 program participants underwent training, both specialized (a program from National University of Life and Environmental Sciences of Ukraine on agriculture, animal husbandry, and processing) and business-related (MIM);

– Grant recipients were required to create new jobs, pay taxes in good faith, and transfer a specified equivalent of the grant amount to community food banks;

– An impact assessment (SROI methodology) was conducted to analyze the results of the “Course towards Independence” program. By investing €4 million in the project, communities received a social return of over €23 million.

Partners:

National University of “Kyiv-Mohyla Academy” (NaUKMA)

Category: Sustainable Economy & Growth

Company: Elementum Energy

About the company: 

Founded in 2019, Elementum Energy is a leading international investor in Ukraine’s renewable energy sector with offices in Kyiv and London. The company operates one of Ukraine’s largest portfolios of solar and wind power plants with a total capacity of 636 MW and is developing new projects, including 400 MW of wind farms and a pilot energy storage system. Elementum Energy was the first to introduce a commercial model for selling electricity on the open market, now reducing hundreds of thousands of tons of CO₂ annually.