Despite the ongoing full-scale war, the Ukrainian wind energy sector is demonstrating resilience, adaptability and openness to new partnerships. This was the message behind the webinar “Investing in the Ukrainian Wind Energy Market: Opportunities and Challenges for Swedish Business”, which the Ukrainian Wind Energy Association jointly hosted with the Swedish Wind Energy Association on April 25, 2025.
The event, which was organized within the framework of a Memorandum of Understanding signed between the associations in early 2025, brought together key stakeholders from both countries, namely investors, exporters, legal advisors and project developers, to discuss how to accelerate the process of attracting investment in wind energy in times of war.
This webinar is part of our formalized cooperation with the Ukrainian Wind Energy Association, which began with the signing of a Memorandum of Understanding. And it is not only about investment opportunities – it is also about learning from Ukraine, which has demonstrated extraordinary energy resilience despite the war. Sweden remains a committed partner in supporting Ukraine’s energy transition, and we are committed to deepening cooperation, sharing experiences and facilitating real investments in the country’s wind energy sector.
Daniel Badman, CEO of SWEA
The market is alive. The market continues to build and operate. Ukrainian developers are currently developing a total of 4 GW of new wind energy projects in the central and western parts of Ukraine. And what is important is that international investors have not left Ukraine either. Moreover, before the start of the full-scale war, 50% of Ukraine’s wind energy capacities were financed by foreign companies, including Swedish capital. For example, a Ukrainian company founded by Swedish citizens, Windcraft Ukraine LLC, has implemented over 300 MW of wind capacity in the Kherson region and is preparing to build another 600 MW in the same region. So the history of investment relations between our wind energy businesses is not new and should only deepen.
Kateryna Knysh, Head of the Analytical Department of UWEA
Special attention during the discussion was paid to financial instruments to reduce investment risks. The Swedish Export Credit Agency (EKN) presented a special mechanism to support investments in Ukraine, which includes guarantees and insurance of war-related risks.
Sweden has created a special state guarantee mechanism to support Swedish business in Ukraine, which covers both commercial and political risks. Despite the fact that only a few applications have been approved so far, we see great potential for growth. We encourage Swedish companies interested in working with Ukraine to contact us – this instrument can be an important factor in reducing risks and implementing investments that meet the priorities of reconstruction and “green” transformation of Ukraine
Frida Eidberg, EKN
The participants also heard stories of companies that continue to operate in Ukraine, despite all the challenges. For example, EuroCape Ukraine shared its experience of adapting and relocating its business. And Arise AB, which entered the market in 2023 by acquiring Fenix Repower, presented its strategy for structuring its project portfolio in Ukraine.
With the acquisition of Fenix Repower, Arise has entered the Ukrainian market with a long-term vision. We see promise in hybrid solutions, energy storage and decentralized generation, which can increase system resilience and attract financing. With the easing of currency controls and increased international support, Ukraine is increasingly positioning itself as a promising market for sustainable investments.
Per-Erik Eriksson, CEO of Arise AB
Our experience today is a reflection of the reality of many Ukrainian developers: despite the occupation of our first 100 MW wind farm, we decided to relocate and move forward. We are designing a new project in western Ukraine taking into account the challenges of war. Therefore, our experience today is not only about clean energy, it is also about sustainability, energy security and proving that wind energy facilities can be built even in the most difficult times for the country.
Mykhailo Chulkov, Director of EuroCape Ukraine Lviv and Member of the Board of UVEA:
In conclusion, Yaroslav Petrov, a partner at Asters law firm and a member of the UVEA Legal Committee, presented legal mechanisms for protecting investments, noting the growing role of partnerships, insurance and regulatory instruments in the field of renewable energy.
“Despite large-scale losses in generation, Ukraine’s power system demonstrates amazing resilience. We are observing a clear transition to decentralized solutions, the development of energy storage systems and regulatory reforms that bring the Ukrainian market closer to EU standards and make it more attractive for investors,” emphasized Mr. Petrov.
Representatives of the EU-UA Sunrise and Swedish Credit Institute initiatives also participated in the event, confirming the growing European interest in rebuilding Ukraine’s energy sector.
The webinar was the first step towards a deeper and structured dialogue between Ukraine and Sweden in the field of wind energy development. In accordance with the provisions of the signed Memorandum, the associations undertook to:
- To facilitate the exchange of expertise and practices,
- To create conditions for protected investments,
- To jointly promote the development of onshore and offshore wind energy,
- And, most importantly, to accelerate the recovery of Ukraine through wind energy.
UWEA expresses its gratitude to the Swedish Wind Energy Association, invited speakers and participants for their active participation, professional discussion and common desire to strengthen international partnership and open up new opportunities for the development of wind energy in Ukraine.
