A $116.2 million investment plan has been approved under the Renewable Energy Integration (REI) programme, providing for the development of cross-border interconnections, renewable energy and energy storage systems in Ukraine.
First Deputy Prime Minister and Energy Minister Denys Shmyhal announced the decision on Telegram.
“The CIF Board has approved Ukraine’s $116.2 million investment plan under the Renewable Energy Integration (REI) programme to develop cross-border interconnections, expand renewable energy capacity and energy storage systems. This will help accelerate the integration of Ukraine’s power system into the European energy network and strengthen the transformation of Ukraine’s energy sector,” Shmyhal wrote.
The programme provides for the participation of both state-owned companies and the private sector. In particular, an investment package worth around $200 million has been developed jointly with the World Bank and Ukrenergo. It includes construction of the 400 kV Chernivtsi–Suceava cross-border interconnector, modernisation and enhanced protection of five high-voltage substations, engineering support for investment projects, and upgrades to the power system operator’s IT, telecommunications and operational infrastructure.
The private-sector component is being developed by the International Finance Corporation and the European Bank for Reconstruction and Development. It is expected to support private investment in energy storage systems, including standalone battery energy storage systems (BESS), as well as renewable generation projects combined with storage and other distributed energy solutions.
The programme is expected to support the installation of 610 MW of battery storage capacity.
“The implementation of such projects will help strengthen the resilience of Ukraine’s energy system, which is subjected to targeted Russian attacks every day. I am grateful to the World Bank, the International Finance Corporation, the EBRD and CIF for their support and our close cooperation,” Shmyhal added.
