Renewable energy smashes records in Ukraine

Business in Ukraine: Renewable energy smashes records in Ukraine

#Renewable #energy in #Ukraine #continues its #rise, despite all the difficulties. Renewable energy #facilities with a #total #capacity of 201 MW were #commissioned in the first nine months of 2017, which is 3.7 times more than in the previous year.

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

Due to the favourable market situation, the number of foreign investors who are looking for prospective renewable energy facilities in Ukraine is constantly increasing. On 28 September 2017, the Ukrainian National Commission for Regulation of Electric Energy Sector in an open session approved tariffs for the fourth quarter and summarized results of the first 9 months of 2017, the head of the National Commission Dmytro Vovk told the press.

In the first 9 months of 2017, renewable energy facilities with a total capacity of 201 MW were commissioned, which is 3.7 times more than in the previous year. The solar power stations account for 83% of the new capacities.

The average capacity of the commissioned facilities is 6 MW. However, for the first time in many years, there are facilities with a capacity of more than 10 MW. During the first 9 months of 2017, the total installed capacity of renewable energy facilities rose by 18% up to 1320 MW.

In addition, the approval of bankable Power Purchase Agreements (PPA) for renewable energy sector should attract more investors and provide better access to borrowed capital. This will make it possible to attract more investment in the Ukrainian economy and to surpass the results of this year in 2018 with major projects involving professional operators of renewable energy facilities. Due to the improved legal framework conditions for renewable energy projects and the growing attractiveness of the country as an emerging market, Ukraine can absorb high foreign direct investment.

Furthermore, the Ukrainians are actively switching to solar cells. A lot of Ukrainian private households rely on photovoltaics to generate their own electricity by using solar power. In the first three quarters of 2016, the number of photovoltaic cells rose from 298 to 625 units. In addition, such generation of green electricity is supported by the legislature and is therefore financially attractive to private households.

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