• Українською
  • Ministry of Energy and UkraineInvest sign Memorandum of Cooperation in energy sector
    Ministry of Energy of Ukraine, posted 22 September 2020 11:49

    Acting Minister of Energy Olha Buslavets met with Executive Director of the State Institution "Ukraine Investment Promotion Office" (UkraineInvest) Serhii Tsivkach.

    During the meeting, the parties discussed the prospects and directions of further partnership for the implementation of new investment projects, strategically important for strengthening Ukraine's energy security, and signed a Memorandum of Cooperation.

    "In the context of reforming the energy sector and transforming it into a clean, green, decarbonized sector of the economy, given the development of renewable energy sources, one of the main challenges of today is the need to leverage significant investment flows," said Olha Buslavets.

    She noted that the energy system of Ukraine needs the construction of new generating capacities, and outlined possible key areas for further cooperation.

    These include, in particular:

    - leveraging investments in the segment of highly maneuverable generation technologies and energy storage systems, inter alia the implementation of energy storage projects, which are important for innovative energy development in Ukraine and solving problems of balancing the integrated energy system in the context of rapid energy growth from RES;

    - development of hydrogen energy sector in Ukraine, attracting investments in this area, which will include the implementation of pilot projects and the development of the hydrogen concept; domestic and foreign investors are already showing interest in the latest trend;

    - restructuring of non-profit coal mines and transformation of coal regions of Ukraine, including with the involvement of foreign partners.

    The acting Minister stressed that Ukraine adheres to high standards of transparency in decision-making and fulfillment of international obligations, even facing challenges. An example of this is the resolution of the crisis situation in the field of renewable energy, when as a result of long negotiations it was possible to reach a compromise with investors in RES and conclude a Memorandum of Understanding.

    The Ministry, within its competence, takes all necessary steps to fulfill the obligations of the state regarding timely payment for the consumed green energy, repayment of debts and launch of auctions.

    The parties discussed opportunities for cooperation in the development of regulatory policy, in particular, to improve the investment climate in Ukraine, and agreed that cooperation in attracting investment will turn times of crisis into times of new opportunities in the energy sector.

    Serhii Tsivkach thanked the head of the Ministry for a clear position in defending the interests of green energy and presented UkraineInvest Guide, a guide for foreign investors considering investment activities in Ukraine.