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TIU Canada is a Merchant Power Operating Company located in Kyiv and governed by Ukraine law.

TIU Canada is owned by the Calgary based Refraction Asset Management, has been working in Ukraine since 2016, and is a leading solar energy producer. 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 elec-tricity 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).

For over 30 years, our family has developed, managed, and built solar, power/pipeline projects, and oil & gas projects. We leverage those relationships to build companies for our portfolio, with best practices to create value for shareholders.

Management team
Michael Yurkovich

Michael is the President, UDP and Portfolio Manager of Refraction Asset Management Ltd (RAM). RAM is backed by the Yurkovich family and Michael manages his family’s money. Previously, he was an investment banker at Genuity Capital Markets & Canaccord Genuity. He has an MBA from University of Calgary and a B.AH (Honors) from Queen’s University in Economics. Prior to Canaccord he was a research analyst at Desjardins Securities covering the oil sands.

Vlad Lizunov
Vice President of Finance

Vlad has 20 years of mid-market M&A, capital advisory and deal experience in Canada, US and the CIS. Previously he was a financial advisory partner at Deloitte Canada and the Head of Corporate Finance at KPMG Ukraine. He has successfully executed on over 100 M&A and capital advisory projects valued in excess of USD 7bn. Vlad has a BSc in Applied Mathematics from Belarus State University, an MBA from Emory University and is a CFA Charterholder.

Valentyna Beliakova
Country Manager

Valentyna joined the company in June 2017 from her role as the Director of the European-Ukrainian Energy Agency. While at the Agency, Valentyna headed the efforts to advocate for renewable energy companies and progressive energy market policies. Previously she worked at Contour Global Solutions and managed a large scale Quad-Gen plant and related business operations in Ukraine. Prior to that she managed on-site and administrative matters for the coordinated construction of multiple large solar power plant projects in Ukraine. Before Contour Global, Valentina worked for AES Company where she was responsible for the operational side of DSO’s as well as involved in working on projects in Kazakhstan and Latin America. She holds multiple certifications and degrees.

Core values

TIU employees’ word is their bond. They do what they say and live up to the highest standards of fairness and ethical behavior. We are truthful, candid and will not compromise for anyone or anything. This code begins with compliance of laws and regulations. We hold ourselves to the highest ethical standards and behave in ways that earn the trust of others.


TIU Canada operates in a capital intensive and dangerous business. We are committed to excellence through relentless, systematic and disciplined management of our operations. We don’t settle for anything less then excellence, we have the self-honesty to admit when we are wrong and courage to change. We begin a project with full expectations to be the best, complete it on time and improve with every adventure.


We respect the world in which we operate. We depend on the relationships we have and respect each other and those we work with. We value diversity of people and thought. We care about the consequences of our decisions, large and small, on those around us. We believe all voices are worthy and everyone deserves a chance to dream and succeed.


All people are valuable and TIU Canada will not compromise the health and safety of its people or the communities where we operate. At TIU Canada, we are about our people and our results.


As Canadian’s, operating we are a long way from home. However we chose to build, manage and operate power projects because it’s what we are called to do. We love what we do, and our employees love to lead by example and believe in why we are here. The task is only impossible because it’s never been done once. In finance, the impossible is called “Seeking alpha”, and we believe we are an “A-team”.


We do hard things, in hard environments. Achieving the best outcomes requires the confidence to speak up, explore new ways of thinking and being unafraid to ask for help. We only work in markets where we can make a significantcant contribution to countries who need our skills. This is our legacy and We aim to build this legacy despite short term priorities of our world.


TIU Canada is a proud member and partner of the American Chamber of Commerce in Ukraine.

TIU Canada is a proud member and partner of the US Ukraine Business Council.