ELQ plans to invest up to €2.5 billion to develop as much as 2 GW of energy infrastructure in Ukraine, mainly solar PV and battery storage
It says the initiative is attracting support from partners in the US and Arab countries
Construction of the first projects is expected to start in Q2 2026, with each installation insured against war-related risks
ELQ, the Polish solar PV projects company, has announced an investment of up to €2.5 billion in building new energy infrastructure with up to 2 GW capacity, primarily comprising solar PV and energy storage projects in Ukraine. The company says it is undertaking this massive investment program with support from partners in the US and Arab countries.
The Polish company is starting with construction on initial installations in Q2 2026. Speaking to Xyz.pl, ELQ Owner and CEO Marcin Sołtysiak shared that it may go beyond solar and storage facilities and install biogas plants, small nuclear reactors, and may also invest in data centers.
ELQ wants to invest in rebuilding Ukraine’s energy infrastructure right away instead of waiting for the war to end, which has destroyed the country’s power plants since the Russian aggression of 2022. According to a February 2026 World Bank assessment, as of December 31, 2025, the total cost of reconstruction and recovery in Ukraine is almost $588 billion over the next decade. This includes power generation, transmission, distribution infrastructure, and district heating.
“We will not wait for the war to end. Ukraine needs new sources of energy as soon as possible, because a large portion of its power plants has been destroyed by Russian missiles. Each project will be insured against war-related risks,” said Sołtysiak.
“Our goal is to actively participate in the first phase of rebuilding Ukraine’s energy infrastructure. We do not want to postpone investment decisions until the postwar period; we want to establish our presence now – in a structured and long-term way,” he added.
In July 2025, the European Bank for Reconstruction and Development (EBRD) devised a new mechanism to mobilize €1.5 billion in investment to add 1 GW of new renewable energy capacity in Ukraine by reducing financial risks for developers (see EBRD, EU Partner On Ukraine’s 1 GW Renewable Buildout).
ELQ had earlier registered a new subsidiary called ELQ UKRAINE to build projects, under an agreement with the Ukrainian government, which will power social infrastructure facilities, including schools, hospitals, and kindergartens with autonomous and uninterrupted energy supply.
“This local presence enables us to execute projects effectively, respond flexibly to the needs of the people and market, and build lasting business relationships with our Ukrainian Partners,” stated ELQ.