The European Bank for Reconstruction and Development (EBRD) has launched a renewable energy joint venture (JV) for the Ukrainian market in association with German solar PV company GOLDBECK SOLAR Investment.
According to the bank, this is the 1st private energy deal led by a foreign investor to add renewable generation capacity in Ukraine since February 2022.
GOLDBECK SOLAR Investment Ukraine GmbH marks the maiden investment in Ukraine for GOLDBECK, which has built over 3 GW of solar PV capacity in 20 countries.
The JV targets to develop up to 500 MW solar PV capacity across Ukraine over the next 3 to 5 years. It will construct and operate these new projects to help the country rebuild its energy infrastructure, which has been facing attacks from Russia. Around 13 GW of Ukrainian energy facilities had either been damaged or destroyed as of the end of April 2024, leading to blackouts.
Solar PV generation will bring stability and energy security to Ukraine, says the bank that counts energy security as one among 5 of its investment priorities in Ukraine.
The International Renewable Energy Agency (IRENA) says till the end of 2023, Ukraine's total installed solar PV capacity stood at 8.06 GW.