Ukraine signs energy agreements worth nearly €2bn
Ukraine has signed 28 international agreements at the Ukraine Recovery Conference (URC 2026) in Gdańsk, covering the energy sector and securing financing for energy projects worth nearly €2 billion.
Source: Ukrainian Energy Minister Denys Shmyhal
Details: These include the US Export-Import Bank's intention to provide US$300 million in financing for American equipment, operations and services for the Naftogaz Group, Ukraine's largest national oil and gas company.
An agreement on joint terms was signed with German renewable energy developer Notus Energy for a €65 million loan to finance a 120 MW wind power plant.
DTEK, the largest private energy company in Ukraine, and US energy company GE Vernova reached an agreement to construct a new 650 MW combined-cycle gas turbine (CCGT) power plant, with a total investment of €900 million.
Shmyhal also highlighted an agreement on joint terms worth €191.2 million between IFC, EBRD, BSTDB, BII Ukraine and Swedfund, covering the financing of a 189 MW wind power plant to be implemented by subsidiaries of Halnafohtaz, a Ukrainian company.
The EBRD also signed letters of intent with Germany for a €45 million contribution and with Norway for a €10 million contribution to the Renewable Acceleration and Market Development for Ukraine Programme (RAMP-UP). The mechanism, developed by the EBRD and the World Bank, is intended to support 1 GW of new renewable energy capacity and potentially mobilise €1.5 billion in investment.
In addition, a €90 million loan under state guarantees for Ukraine's state-owned electricity transmission operator Ukrenergo will be directed towards the repair of certain substations and the strengthening of corporate governance.
A €11 million grant from the German government through KfW will enable Ukrenergo to purchase critically needed equipment for repairing energy infrastructure.
An agreement was signed with the governments of Norway and the Netherlands to provide a €44.6 million grant for Ukrnafta. A number of memoranda were also signed, laying the groundwork for further cooperation across several energy sectors.
A new memorandum was signed with Swedfund International, laying the foundation for further modernisation of energy infrastructure.
Naftogaz signed a number of memoranda with Siemens Energy, GEK TERNA Group, DP Pumps and ORLEN.
A memorandum with Dutch company CQUESTRA BV (signed by Naftogaz and Ukrnafta) initiates a Ukrainian-Polish cross-border project for the transportation and geological storage of carbon dioxide (CO₂), with an estimated value of €8.53 million.
A new memorandum between Energoatom and ŠKODA JS (Czech Republic) expands cooperation in the development of new nuclear capacity and the modernisation of Ukraine's nuclear infrastructure, the energy minister noted.
Background:
- Following the URC 2026 conference in Gdańsk, more than €550 million in international support was mobilised to prepare Ukraine's energy sector for next winter.
- At URC 2026, Shmyhal said Ukraine aims to restore 54 GW of generating capacity by 2035, matching the level seen before Russian aggression began in 2014.
- Ahead of URC 2026, the Ministry of Energy, the European Commission and the Energy Community Secretariat issued a joint statement calling for increased contributions to the Ukraine Energy Support Fund.
- They reported that all resources of the fund (€300 million) have already been contracted and that preparations for the winter require a further €650 million in contributions.
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