The Board of the Climate Investment Funds (CIF) approved Ukraine’s investment plan for $116.2 million within the framework of the Renewable Energy Integration (REI) program for the development of cross-border connections, expansion of renewable energy capacities and energy storage systems.
This was announced by the First Deputy Prime Minister of Ukraine – Minister of Energy Denys Shmyhal.
“We appreciate the support of partners from the World Bank in the process of preparing the Investment Plan, as well as the International Finance Corporation and the European Bank for Reconstruction and Development for their appropriate coordination,” the head of the Ministry of Energy noted.
The approved program will be implemented in two areas:
– State. Within its framework, an investment package worth about 200 million $has been formed together with the World Bank and NEC Ukrenergo. It, in particular, provides for:
- Construction of the 400 kV interstate interconnector Chernivtsi-Suceava (the corresponding strategic infrastructure will provide additional capacity of 880 MW towards Ukraine and 445 MW towards European power grids);
- Modernization and strengthening of protection of five high-voltage substations;
- Engineering support for the implementation of investments;
- Modernization of IT, telecommunications and operational infrastructure of NEC Ukrenergo.
– Private. It is being developed by IFC and EBRD and provides for:
- Support for private investments in energy storage systems, in particular autonomous BESS (will provide 610 MW of battery system capacity);
- Renewable generation projects combined with storage, as well as other distributed energy solutions.
The corresponding program will help accelerate the integration of the Ukrainian energy system into the European energy grid, and will also strengthen the transformation of the Ukrainian energy sector.
“The implementation of such projects will contribute to increasing the resilience of the Ukrainian energy system, which is daily subjected to targeted attacks by the Russian Federation. I am grateful to the World Bank, the International Finance Corporation, the EBRD and the CIF for their support and our close cooperation,” Denys Shmyhal emphasized. (Energy Ministry)