The 2023 Ukraine Recovery Conference, held in London, UK, demonstrated the clear interest of British private business to invest in the Ukrainian energy market, in particular in clean technologies and innovations. Thus, on May 3, 2024, the Ministry of Energy of Ukraine announced the allocation of £16 million by the UK Government for the implementation of the first 13 innovative energy projects in Ukraine under the InnovateUkraine program, including a project to build a wind power plant for hydrogen production.
Symbolically, on Europe Day, May 9, 2024, the UWEA in cooperation with RenewableUK held a webinar dedicated to the exchange of experience in the development of wind energy in the Ukrainian and British markets, as well as a discussion of available investment opportunities in the Ukrainian market. The webinar focused on both onshore and offshore wind energy projects.
The webinar was opened by Jane Cooper from the Offshore Wind Council, supported by RenewableUK, who presented the current state of the UK onshore and offshore wind market and outlined the challenges that need to be addressed to further expand wind capacity in the country. “2024 is set to be the year of offshore wind for the UK, with the UK Government committing £1bn through the Green Industries Growth Accelerator (GiGA) programme. At the same time, for the continued successful expansion of wind capacity in the UK and across Europe, it is essential to simplify the connection procedure and build out the grid infrastructure.”
Ms. Cooper Rhys Thomas from RenewableUK added to the presentation, noting that in addition to onshore and offshore wind power, the UK is currently focusing heavily on energy storage, with a total of 96,484 MW of projects in various stages of development.
Albert Clark from the UK Department for Trade and Business spoke about the investment support the UK Government is providing for wind power development, including through the UK Infrastructure Bank, the Scottish Infrastructure Bank, the GIGA and UKEF programmes. “The UK Government recognises that the UK needs a strong manufacturing base to achieve its energy security and net-zero emissions goals,” said Mr. Clark.
The Ukrainian wind energy market and its investment opportunities were presented at the webinar by Olga Rybachuk, a member of the UVEA Board and CEO of Elementum Energy, and Kateryna Knysh, head of the analytical department of UVEA.
If you ask why you should consider Ukraine for investment today? My answer will be: because it is the only country in the war that demonstrates economic growth. According to the Ministry of Economy of Ukraine, in 2024 the national economy should grow by 4.6%, while in 2023 this growth reached more than 5%. Why is it necessary to invest in wind energy in Ukraine? Because, Ukraine is considered today the largest site with available area for construction; it is a country where the average annual wind speed at a height of 120 m reaches 7-8 m/s; it is a country where significant support for private business and large investment projects is declared at the state level; and this is a country where investors have access to various formats of cooperation: from buying a ready-made project to joint development
Kateryna Knysh
Olga Rybachuk
The large-scale destruction of centralized power generation in Ukraine gives a clear signal about the need to build new capacities. Together with international support, a growing economy, abundant wind resources, market liberalization, a “green” agenda and a course towards the EU – this is an invitation for all stakeholders to join. We at Elementum Energy not only have one of the largest portfolios of “green” projects in Ukraine, but also continue to build, develop and expand our activities, supporting the energy security of the country
