Ukraine will receive $116.2 million to strengthen the energy system
Фото: Шмигаль
The Climate Investment Funds Board has approved a $116.2 million investment plan for Ukraine. The funds will be used to develop renewable energy, storage systems, and strengthen cross-border energy connections.
This was announced by Energy Minister Denys Shmyhal.
The investment plan was approved within the framework of the Renewable Energy Integration Program (REI).
According to Shmyhal, the implementation of the program should accelerate the integration of the Ukrainian energy system into the European network and strengthen the transformation of the energy sector.
The program will be implemented in two directions – public and private.
Within the framework of the state direction, together with the World Bank and NPC Ukrenergo, we formed an investment package worth about $200 million .
It envisages the construction of a 400 kV interstate interconnector Chernivtsi – Suceava . It is expected to provide additional capacity of 880 MW towards Ukraine and 445 MW towards European power grids .
They also plan to modernize and strengthen the protection of five high-voltage substations, upgrade Ukrenergo’s IT, telecommunications, and operational infrastructure, and provide engineering support for project implementation.
The private sector is being developed by the International Finance Corporation and the European Bank for Reconstruction and Development.
It provides support for private investment in energy storage systems, in particular autonomous BESS with a capacity of 610 MW .
Renewable generation projects combined with storage and other distributed energy solutions are also planned.
According to Shmyhal, the implementation of these projects should increase the resilience of the Ukrainian energy system, which is regularly subjected to Russian attacks.
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