U.S.–Ukraine fund approves more energy and minerals deals

Treasury posted press release sb0648 on Oct. 2, 2026, from Washington and Kyiv.

One approval sets up a joint investment platform with the Ukrainian company BGV Group Management. The platform is meant to hold early-stage mining projects. The first assets named are rare earths, beryllium, and zirconium.

A second is an equity investment in small combined heat-and-power plants, built to put electricity and heat back into towns where the war damaged the supply. Treasury says the project, once built, is intended to serve thousands of households.

A third is a loan for DTEK’s battery system: 200 megawatts and 400 megawatt-hours, across six sites. Treasury says the system is already running, and that it can supply electricity equal to about 600,000 Ukrainian homes for two hours. DTEK is described as Ukraine’s largest private energy company. The release says the sites use American energy equipment.

Bessent said the fund’s first investment, in March, showed it was open, and that Friday’s vote “signals investor support for Ukraine’s recovery and future prosperity.” Ben Black, chief executive of the U.S. International Development Finance Corporation, and Oleksii Sobolev, a deputy head of the office of Ukraine’s president, also spoke in the release.

Treasury says the fund’s first deal was in the technology company Sine Engineering, in March of this year. In June, the Development Finance Corporation signed a cooperation agreement with the Multilateral Investment Guarantee Agency on political-risk insurance tied to the fund’s investments.