Renewable energy capacity in Ukraine doubles in 2017

capacity of Renewable energy in Ukraine doubled in 2017

In recent years, #Ukraine has been #increasing the #renewable #energy use. The political will for renewable energy is #stronger than ever: in 2017 alone, the total installed capacity of renewable energy in Ukraine increased to 1375 MW (by 23 percent compared to the previous year). In addition, the number of new renewable energy facilities working under the feed-in tariff scheme increased by 2.1-fold.

Visit our website if you are interested in the #Ukrainian_economy or #doing_business in Ukraine.

Ukraine’s renewable energy capacities are to reach new record high. Investment in the industry is showing first measurable success. For example, in 2017, the number of new renewable energy facilities that were commissioned under the feed-in tariff scheme in Ukraine increased by 2.1-fold reaching 257 MW, as stated in the press release of the Ukrainian National Commission for State Regulation of Energy and Public Utilities.

According to the National Commission, photovoltaic power stations account for 82 percent of new renewable energy facilities. The average output of the plants commissioned in the fourth quarter of 2017 was 4 MW. In 2017, the total installed capacity of renewable energy in Ukraine increased by 23 percent compared to the previous year – up to 1375 MW.

Moreover, on 1 October 2014, the Cabinet of Ministers of Ukraine approved the National Renewable Energy Action Plan through 2020. It provides for an increase in the share of renewable energy in total energy generation from 1 percent to 11 percent. The most important mechanism for promoting the development of renewable energy in Ukraine is the feed-in tariff – a government policy mechanism designed to promote renewable energy technologies offering renewable energy producers long-term contracts based on the cost of generation of each technology.

An important contribution to the development of renewable energy in Ukraine was made by the Overseas Private Investment Corporation (OPIC). In December 2017, the OPIC approved granting a USD 150 million loan for financing along with up to USD 250 million in political risk insurance and reinsurance to support the construction of a large wind farm in Zaporizhia Region. The project is developed by the Luxembourg-based company EuroCape New Energy. The total worth of the wind power project is USD 560 million. The installed capacity of the wind farm is 225 MW, but can be increased to 500 MW in the future.

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