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Despite the ongoing full-scale war, Ukraine’s wind energy sector continues to demonstrate resilience, adaptability, and a growing openness to international partnerships. These themes were at the heart of the webinar “Investing in Ukraine’s Wind Energy Market: Opportunities and Challenges for Swedish Businesses”, co-hosted by the Ukrainian Wind Energy Association (UWEA) and the Swedish Wind Energy Association (SWEA) on April 25, 2025.
The event, held under the Memorandum of Understanding signed earlier this year between the two associations, brought together key stakeholders from both countries — investors, exporters, legal experts, and developers — to explore practical steps for unlocking investment in Ukraine’s wind sector amid wartime conditions.
Daniel Badman, CEO of SWEA, emphasized: “This webinar is part of our formalized cooperation with the Ukrainian Wind Energy Association, initiated by the signing of a Memorandum of Understanding. But this is not only about investment opportunities — it’s about learning from Ukraine, a country that has demonstrated extraordinary energy resilience under attack. Sweden remains a committed partner in Ukraine’s green transition, and we look forward to deepening cooperation, sharing knowledge, and enabling real investment into Ukraine’s wind sector.”
Kateryna Knysh, Head of Analytics at UWEA, underlined the market’s forward momentum: “The market is alive. The market is building. Ukrainian developers are currently advancing around 4 GW of new wind energy projects in central and western Ukraine. And importantly, international investors have not left Ukraine. On the contrary, before the full-scale war, 50% of installed wind capacity was financed by international companies — including Swedish capital. For example, Vindkraft Ukraina LLC, founded by Swedish nationals, commissioned over 300 MW in the Kherson region and had 600 MW in development. Our investment relationship is not new — and it must only deepen.”
A central focus of the webinar was de-risking investment through financial instruments. The Swedish Export Credit Agency (EKN) presented its special government-backed guarantee scheme designed to support Swedish businesses in Ukraine.
Frida Eidberg, Underwriter at EKN, noted: “Sweden has launched a dedicated state-backed guarantee facility that covers both commercial and political risks for Swedish companies working in Ukraine. While only a few guarantees have been issued so far, we see great potential for growth. We encourage companies interested in doing business in Ukraine to reach out — this facility can be a vital tool for enabling investment aligned with Ukraine’s recovery and green transition.”
Participants also heard from developers continuing their work in Ukraine despite the challenges. EuroCape Ukraine Lviv LLC shared its experience of relocating its business after the occupation of its 100 MW wind farm, while Arise AB, which entered the Ukrainian market in 2023 through the acquisition of Fenix Repower LLC, presented its long-term investment strategy.
Per-Erik Eriksson, CEO of Arise AB, shared: “With our acquisition of Fenix Repower, Arise entered the Ukrainian market with a long-term vision. We see strong potential in hybrid systems, energy storage, and decentralized generation — solutions that enhance resilience and attract financing. As capital controls ease and international support increases, Ukraine is increasingly positioning itself as a promising market for sustainable investment.”
Mykhailo Chulkov, Director of EuroCape Ukraine Lviv and UWEA Board Member, added: “Our experience reflects the reality of many Ukrainian developers: despite the occupation of our first wind farm, we chose to relocate and continue. Our new project in western Ukraine is being designed with wartime challenges in mind — this is no longer just about clean energy, but about resilience, energy security, and proving that wind power can be built even in the most difficult of times.”
Finally, Yaroslav Petrov, Partner at law firm Asters and Member of UWEA’s Legal Committee, presented legal mechanisms to support investment and emphasized the regulatory progress being made. “Despite the severe damage to generation capacity, Ukraine’s energy system has shown remarkable resilience. We are witnessing a clear shift toward decentralized solutions, energy storage, and regulatory reforms that align our market with EU standards and make it more attractive to investors.”
The event also featured contributions from EU-UA Sunrise and the Swedish Credit Institute, both highlighting the growing interest from European institutions in supporting the rebuilding of Ukraine’s energy sector.
This webinar marks the first milestone in a broader, structured dialogue between Ukraine and Sweden on wind energy development. According to the MoU, the associations are committed to:
UWEA extends its sincere appreciation to the Swedish Wind Energy Association, all speakers, and participants for their active engagement, professional dialogue, and shared commitment to strengthening international cooperation and unlocking new opportunities for wind energy in Ukraine.
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