The European Bank for Reconstruction and Development (EBRD) has formed a joint venture with German energy company Goldbeck Solar Investment to develop up to 500MW of solar PV in Ukraine.
Development of the projects will be carried out in the next three to five years with the first solar park set to begin construction in the fall of 2024. The goal of the newly formed joint venture company is to develop, finance, build and operate the solar PV projects and support Ukraine’s energy resilience and independence.
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EBRD highlighted that it is financing its first private energy deal led by a foreign investor to add renewable energy capacity in Ukraine since February 2022.
Despite the ongoing conflict with Russia, Ukraine’s solar industry continues to develop projects in the country to secure its energy security and meet future demand (Premium access). By the end of April 2024, nearly 13GW of power capacity had been damaged or destroyed which have caused blackouts across the country.
Joachim Goldbeck, CEO of Goldbeck Solar Group, said: “We are very proud to support Ukraine in the expansion of their electricity grid based on renewable energy technologies. We are aware of the risks posed by the current political situation; nonetheless, we recognize that Europe’s future is linked to that of Ukraine and thus we need to set an example today.”
This new joint venture will increase the parent company Goldbeck Solar’s current portfolio, which has an installed capacity of over 2.5GW across several countries, including Germany, the Netherlands and Chile among others. The investment arm has a project development portfolio of more than 4GW across 12 countries, and over 440MW of completed assets.
Aside from the joint venture between the EBRD and Goldbeck Solar Investment, the energy company also signed a memorandum of understanding with the Ukrainian ministry of energy to promote private sector investment in the renewable energy sector in the country.
