The Law of Ukraine “On Ukraine's accession to the Statute of the International Agency for Renewable Energy Sources” (IRENA) developed by the State Agency on Energy Efficiency and Energy Saving of Ukraine successfully passed the Ukrainian Parliament December 5, 2017. 254 people's deputies voted for the decision.

“It’s a long-awaited victory for all players of the renewable energy market. Ukraine will become a member of the authoritative international agency IRENA. This means that we are entering the international renewable energy scene, we can attract the experience, innovations and investments of the advanced countries in Ukrainian “green” projects and contribute to reducing the energy dependence of Ukraine,” Sergey Savchuk, Head of the State Agency on Energy Efficiency and Energy Saving of Ukraine said on his Facebook page.

According to him the membership of Ukraine in the IRENA:

  • will allow applications to the ADFD fund to receive preferential loans (currently the fund's budget is $ 350 million, loans are provided on a competitive basis for 1-2% for a period of up to 20 years, including a 5-year grace period, subject to 50/50 co-funding );
  • will facilitate the establishment of fruitful cooperation between Ukraine and the developed countries of the world in order to develop alternative energy;
  • will provide access to all information available in the IRENA Agency regarding the use of renewable energy sources, the results of the latest research and best practices, as well as progressive mechanisms for financing alternative energy development;
  • will increase investments in “green” projects

Sergey Savchuk is convinced that Ukraine's involvement in IRENA activities gives a positive signal for foreign investors who are analyzing the possibilities of implementing projects in the country. He also recalled that to reach 11% RE share in the energy balance of the country by 2020 will require about 12 bln euros.