Energy as an Investment: Codex Energy’s Experience in the Odesa Region

The winter of 2025 once again demonstrated an obvious truth: energy is not merely a resource, but a matter of business resilience. Blackouts and the rising costs of operating generators can double operational expenses. For hotels, this scenario is particularly painful—the winter season accounts for up to half of an asset owner’s annual revenue.

Therefore, the logic is simple: do not wait for the next outage to destroy plans, but proactively build your own defense against energy instability. It is from this precise logic that Codex Energy emerged—an energy company developing solar generation projects.

The company is building an energy park in the south of the Odesa region, in the Bolhrad district—an area with one of the highest levels of solar insolation in Ukraine. The project integrates a solar power plant and an energy storage system into a single managed infrastructure that generates revenue from two distinct sources: selling electricity at standard rates and utilizing stored charge during peak demand hours when prices are higher.

This is a model that the Ribas Group team considers highly promising for any business dependent on a stable power supply—hotels, manufacturing facilities, data centers, and logistics hubs. In recent years, the cost of solar generation has dropped by an average of 41% compared to fossil sources, while combined “solar plus storage” projects can yield an annual return of 16–20% when executed properly. This means it is no longer just about environmental impact, but about a fully realized investment asset.

The situation in the Ukrainian energy sector only reinforces this reasoning: prior to 2022, the share of “green” generation accounted for less than 14% of total electricity production in the country, and the centralized grid remains vulnerable to attacks. For businesses, this signifies one thing—investing in one’s own generation today is less about profit and more about protection against the new reality in Ukraine.

Read more about the prospects of alternative energy for business in Arthur Lupashko’s full column on Interfax.