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IRENA announces intent to support Ukraine in rebuilding damaged energy infrastructure

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IRENA announces intent to support Ukraine in rebuilding damaged energy infrastructure
(photo courtesy Ukrhydroenergo)

At the Ukraine Recovery Conference, the International Renewable Energy Agency (IRENA) and Energy Community Secretariat (ECS) jointly put forward a Letter of Intent to closely work together in support of sustainable energy initiatives in Ukraine.

Ukraine, an IRENA Member since 2018, appealed to the agency and its member countries during the 2023 IRENA Assembly for support in rebuilding the country’s damaged renewable energy infrastructure, including hydropower. Within the agency’s mandate, IRENA has already supported the Ukrainian energy sector by sharing its knowledge through capacity building sessions and training developers on the use of IRENA’s Energy Transition Accelerator Financing Platform (ETAF).

Under the Letter of Intent, IRENA will use its expertise in renewable energy technologies and intends to explore project proposals submitted within the framework of the Ukraine Energy Support Fund for subsequent funding consideration by ETAF partners.

Through its project facilitation work, the ETAF and Climate Investment (CIP) platforms, IRENA has built a network of diverse financiers looking to invest in energy transition projects in its members, including in Ukraine.

“This cooperation enables us to apply our resources and expertise where they are most needed, accelerating the transition to sustainable energy in Ukraine,” said IRENA Director-General Francesco La Camera. “Our goal is to support the rapid reconstruction and buildout of a Ukrainian energy system, with a strong role for renewable energy, that provides reliable and low carbon energy for the citizens and businesses of Ukraine.”

The Ukraine Energy Support Fund, initiated in April 2022 through an agreement between the European Commission and Ukraine’s Ministry of Energy, is managed by the ECS and has already mobilized nearly €500 million (US$537.1 million) from various contributors. The collaboration between IRENA and the ECS was acknowledged by the G7+ Energy Coordination Group at the conference for its potential in encouraging green capital mobilization and facilitating and de-risking investments in renewable energy projects in Ukraine.

Earlier this month, Hydro Review reported that Ukrainian hydropower plant owner and operator Ukrhydroenergo had “another extremely difficult night for the Ukrainian energy industry” on June 1, when Russian forces fired at energy facilities in five regions of Ukraine, and two hydroelectric power stations were hit.