In the framework of the first RE:THINK Investment Forum in Mariupol, two important documents for the energy sector were signed.

One of the documents is a Memorandum of Understanding between NPC Ukrenergo and the EBRD on the preparation of an investment project for the construction of an energy storage facility and the Azovska 220 kV electric substation reconstruction. This project is aimed to create conditions to ensure efficient operation of energy-saving institutions in Ukraine.

The second is the Agreement between the International Finance Corporation and NPC Ukrenergo to analyze the institutional framework, in particular, to research the ways to stimulate private sector investment in electricity storage projects.

Energy and Environmental Protection Minister Oleksiy Orzhel stressed the signing of the Memorandum and the Agreement being a positive factor.

"The mechanisms for attracting new critical infrastructure projects to the Ukrainian energy sector are of paramount importance," he said. "We are really changing, the volume of renewable energy sources in the structure is increasing, the structure of consumption is changing, and we need this investment. Therefore, signing the documents gives the opportunity to launch new projects."

"The Ministry of Energy and Environmental Protection is ready to work to yield results so that tomorrow we could leverage private capital in infrastructure projects", assured Oleksiy Orzhel.

"It is crucial for us to ensure the cooperation with the European Bank for Reconstruction and Development, the International Finance Corporation and the company responsible for the security of electricity supply at the level of the state and, in particular, the implementation of those projects that would provide this security," the Minister emphasized.

According to him, the Ukrainian power grid is characterized with a large amount of non-maneuvering capacities. Given the rapid development of renewable energy sources, the need for balancing is all the more urgent.

"I am pleased to announce that with the support of the European Bank for Reconstruction and Development, the necessary decisions will be worked out, the feasibility study to attract new electricity market participants be made, in particular it regards the introduction of maneuvering capacities," summed up Oleksiy Orzhel.