EBRD and EU Partner to Boost Ukraine’s Energy Security with New Solar Project
In a significant move to bolster Ukraine’s energy independence and resilience, the European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are joining forces to finance a new, large-scale solar power project. This initiative represents a critical investment in Ukraine’s green energy future, particularly as the country continues to navigate the challenges of war and rebuild its infrastructure.
Investing in Ukraine solar energy Initiatives
The core of this partnership is a US$45 million loan from the EBRD to Energy RTB 2, a subsidiary of the major Ukrainian agribusiness company Kernel. This funding is earmarked for the construction of a 106-megawatt (MW) solar power plant, which will also feature a co-located battery energy storage system.
The project, with a total estimated cost of US$86 million, is strategically located in a war-affected, energy-deficient region of southern Ukraine. By adding decentralized renewable generation capacity, the plant will directly address critical energy shortages and enhance the stability of the national grid. Once operational, it is expected to generate 141 gigawatt-hours (GWh) of renewable electricity annually, significantly reducing CO₂ emissions by an estimated 82,500 tonnes per year.
The Power of Strategic Partnerships
This venture is a powerful example of international cooperation. The EBRD’s loan is backed by partial guarantees from the EU, provided under the Ukraine Investment Framework’s HI-BAR programme, which is designed to support climate technologies and energy investments. Kernel will contribute its own funds to cover the remaining project costs, potentially with support from other international lenders.
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The loan agreement, signed at the Ukraine-EU Business Summit in Brussels, marks the first financing Kernel has received from the EBRD since the beginning of the full-scale invasion. It underscores a renewed commitment to investing in Ukraine’s private sector and its long-term sustainable development. This project is a key part of Kernel’s broader ambition to develop a 600 MW renewable energy portfolio.
Beyond Kilowatts: Social and Economic Impact
The benefits of this solar project extend far beyond energy generation. It serves as a vital pillar of support for Kernel’s workforce of over 10,000 employees. The initiative includes provisions to improve workplace accessibility for war veterans with injuries and supports the establishment of training labs at local vocational schools, fostering skills for the future.
By investing in renewable energy, the EBRD and EU are not only helping to secure Ukraine’s power supply but are also contributing to a more sustainable and resilient economy. This project is a clear signal that even in the most challenging times, the commitment to a green transition and a secure, independent Ukraine remains unwavering.
