The European Bank for Reconstruction and Development (EBRD) has announced a landmark renewable energy joint venture with GOLDBECK SOLAR Investment to construct and operate new solar photovoltaic (PV) projects in Ukraine. This initiative aims to bolster the resilience of Ukraine’s energy sector, which has suffered extensive damage from recent Russian attacks.
This deal marks the first private energy investment led by a foreign investor to add renewable generation capacity in Ukraine since February 2022. Announced at the Ukraine Recovery Conference in Berlin, the agreement is a significant step in reinforcing EBRD’s strategic partnership with GOLDBECK SOLAR Group, a renowned German solar energy company. The firm has over two decades of industry experience and active operations in more than 12 countries, with a workforce exceeding 550 employees and over 3 GW of solar capacity built across 20 countries.
The joint venture, GOLDBECK SOLAR Investment Ukraine GmbH, will focus on developing up to 500 MWp of new renewable energy facilities. This project not only supports Ukraine’s domestic electricity generation but also sets a crucial benchmark for attracting foreign direct investments into Ukraine’s energy sector, emphasizing reconstruction and green transition.
The need for such initiatives is underscored by the Ukrainian energy ministry’s recent assessment, which revealed that, by the end of April 2024, around 13 GW of production capacity had been damaged or destroyed due to Russian attacks, leading to widespread blackouts. The current energy system operates with a significant deficit in generation capacity, essential for maintaining grid stability and integrity.
Energy security is a primary investment priority for the EBRD in Ukraine, alongside support for vital infrastructure, food security, trade, and the private sector. In response to the attacks on Ukraine’s energy infrastructure, the EBRD has been adapting its future project pipeline to provide more robust support to the country’s energy industry.
The EBRD, Ukraine’s largest institutional investor, has substantially increased its financial commitment to Ukraine since the onset of the full-scale war in 2022. To date, the Bank has allocated over €4.2 billion to support Ukraine. Recently, EBRD shareholders agreed to a €4 billion paid-in capital increase, enabling the Bank to sustain its current investment levels during wartime and potentially increase investments during the reconstruction phase.
This joint venture is a testament to the EBRD’s commitment to supporting Ukraine’s energy sector amid ongoing challenges, leveraging the expertise of GOLDBECK SOLAR to drive renewable energy development and enhance the country’s energy resilience.
