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Supporting Ukraine's private renewable energy industry

Supporting Ukraine's private renewable energy industry
Supporting Ukraine's private renewable energy industry

 


  • EBRD forms renewable energy joint venture with GOLDBECK SOLAR Group for Ukraine aimed at developing up to 500 MWp of solar PV projects over the next 3 to 5 years
  • Energy security is a key priority for EBRD investments in Ukraine
  • EBRD is Ukraine's largest institutional investor, with a focus on the private sector

The European Bank for Reconstruction and Development (EBRD) created a renewable energy joint venture with Investment GOLDBECK SOLARwhich plans to build and operate new solar PV projects in Ukraine, part of its efforts is to improve the resilience of the Ukrainian energy sector, which has come under heavy attack from Russia in recent months.

The EBRD is financing the first private energy deal led by a foreign investor to add renewable generation capacity in Ukraine from February 2022.

The agreement, announced at the Ukraine Recovery Conference in Berlin, will strengthen the EBRD's relationship with GOLDBECK SOLAR Group, an experienced German solar energy company with more than two decades of experience in the sector and active operations in over 12 countries . GOLDBECK SOLAR Group currently employs over 550 people and has built over 3 GW (gigawatts) of solar capacity in 20 countries.

The establishment of GOLDBECK SOLAR Investment Ukraine GmbH is a joint effort aimed at supporting Ukraine's domestic electricity production with the goal of developing up to 500 MWp of new renewable energy production facilities. This will be the group's first investment and operation in Ukraine and also serves as an important benchmark for catalyzing foreign direct investment in Ukraine's energy sector, particularly with a focus on reconstruction and green transition.

Ukraine's Energy Ministry has assessed the damage caused by the latest Russian attacks, saying that by the end of April 2024, about 13 GW of generating capacity across the country had been damaged or destroyed, causing ongoing blackouts across the country. the place. Currently, the system operates with a constant deficit of operational power generation capacity necessary to maintain energy integrity and stable operation of Ukraine's transmission network.

Energy security is one of the EBRD's five investment priorities for Ukraine, along with support for vital infrastructure, food security, trade and the private sector. In light of the attacks on the sector, the EBRD has reworked its pipeline of future projects to provide more support to the country with investments in the energy industry.

The EBRD, Ukraine's largest institutional investor, has significantly increased its funding to Ukraine since Russia launched its all-out war there in 2022. The bank has made over €4.2 billion available to Ukraine since the start of the war. The EBRD's shareholders have recently agreed to provide a €4bn paid-up capital increase to enable the Bank to continue investing at current wartime levels, with the potential for more investment as reconstruction begins.

Sources

1/ https://Google.com/

2/ https://www.ebrd.com/news/2024/supporting-ukraines-private-renewable-energy-industry.html

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