TIU Canada is under attack by oligarch Kolomoisky

The case:

TIU Canada, a leading solar energy producer in Ukraine, has sued the Nikopol Ferroalloy Plant (NFZ) for illegally disconnecting its 10.5 MW solar station from the electricity grid. Despite Ukrainian energy laws that prevent electricity producers from being disconnected from the energy grid without their permission, the NFZ illegally cut TIU Canada’s connection on March 1, 2020. TIU Canada is seeking an immediate reconnection to the electricity grid and plans to hold the NFZ and its shareholders fully accountable under the laws of both Ukraine and Canada. The main beneficiaries of the Nikopol Ferroalloy Plant are Igor Kolomoisky, Gennadiy Bogolyubov, and Viktor Pinchuk.

What happened:

The Nikopol solar station owned by TIU Canada is on land leased long term from the city of Nikopol, however, entry to the facility is through a gate controlled by the NFZ. The solar plant connects to a substation on the grounds of the NFZ and later connects directly to the regional electricity transporter DTEK Dnipro Grids JSC. On December 23, 2019, TIU Canada received a letter from the General Director of the NFZ, that they would be disconnecting the TIU Canada connection to DTEK Dnipro Grids JSC via the substation on the grounds of the NFZ in order to make ‘repairs.’ The NFZ stated that they would begin the repairs after February 29, 2020, and TIU Canada immediately contacted the NFZ to seek solutions to avoid any disconnection. However, despite multiple discussions, the NFZ management and shareholders proceeded with disconnecting TIU Canada from the substation on the morning of March 1, 2020. This illegal disconnection has caused more than 1.5 million Euros of damage to TIU Canada already and increases daily.


About TIU Canada:

TIU Canada is owned by the Calgary-based Refraction 1 Fund and has been working in Ukraine since 2016. The company commissioned a 10 ½ megawatt solar energy plant in Nikopol, Ukraine, in January 2018, and an 11-megawatt solar station in the Mykolayiv region in April 2019. An additional 33 megawatts of solar electricity production have been commissioned in the Odesa region, for a total of 54 megawatts nationwide. TIU Canada has invested more than $65 million in Ukrainian solar energy over the last four years and was the first investor in Ukraine under the Canadian Ukrainian Free Trade Agreement (CUFTA).

TIU Canada Held Hostage by Illegal Disconnection


Media that wrote about the case:


TIU Canada sues Kolomoisky plant over solar power plant shutdown

Liga Business

Canadian investor is suing the Privat Group plant

Ekonomicheskaya Pravda


Kolomoisky blocks the work of "green" investors in Ukraine – Goncharenko


Canadian investor sues Kolomoisky NFZ over solar power plant shutdown

Novoe Vremya


Canadian renewable energy investor says Kolomoisky, other oligarchs stealing its assets

Kyiv Post

Kolomoisky forced Canadian investors to sell a solar power plant near Nikopol – Zinchenko



How Ukraine Lost Its Investment Paradise

The National Interest


TIU Canada vs Ukrainian oligarch, Igor Kolomoisky

New Europe


Canadian company TIU: Our business in Ukraine is under attack by oligarchs