Early Warning System

Regions

Europe and Central Asia

Geographic location where the impacts of the investment may be experienced.

Countries

Ukraine

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Borrower

Government of Ukraine

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Energy
Law and Government
Technical Cooperation

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Advisory Services

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

Not Disclosed

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 13, 2026

Disclosed by Bank Mar 10, 2026

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Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, the war on Ukraine has devastated the power sector and has led to a significant deficit in generation capacity. Ukraine entered the 2024/2025 heating season with considerably less operating assets when compared to the pre-war scenario, leaving a deficit in cold periods. Building new generation capacity is therefore a priority for the reconstruction of the Ukrainian economy. The country possesses substantial renewable energy ("RES") potential, and in line with the Ukraine's Energy Strategy until 2050, new renewables will be a critical route for meeting the country's electricity needs now and in the future.

Accelerating investment is essential for energy security, economic resilience, and a cleaner energy system. Mobilising private capital is key and there is an urgent need to address investments barriers. However, Ukraine has not been able to rely on support schemes, such as a CfD scheme awarded through auctions, given the absence of a credit-worthy support counterparty. The corporate PPA market is also limited by a few creditworthy offtakers and merchant projects cannot attract financing due to high revenue uncertainty. Yet recent day-ahead market prices suggest renewables could be commercially viable. The real barrier lies in stabilising price, ensure payment, and manage currency risk.

Recent day-ahead-market (DAM) prices have, on average, been higher than the levels that renewable energy projects have needed to be commercially viable in other countries in the region. This suggests that there is a sound underlying commercial basis for RES projects in Ukraine. However, price volatility, and other related risks such as exchange rate risk, prevent investments from proceeding

Within this context, the Bank is developing the REMA Programme in Ukraine. The Programme includes the design and implementation of the Ukraine Renewable Energy Risk Mitigation Mechanism ("URMM" or "Mechanism"), which seeks to address the barriers that are inhibiting investment in renewables in Ukraine. The Mechanism is financially backed by the European Union and other bilateral donors. The URMM is a revenue stabilisation mechanism for renewable energy power plants, targeting price volatility risk to unlock investments into renewable energy sources (and potentially storage). This TC supports the setup, design and implementation of the Mechanism, ensuring its effective delivery, specifically, the arrangements for the implementation of the Mechanism Counterparty and the design and implementation the support scheme for renewable energy projects, including the underlying competitive bidding process.

The Mechanism is expected to support new generation capacity of 1,000 MW of wind and solar capacity (possibly with battery energy storage systems, depending on the findings of the design phase).

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

Information on the investment amount was not provided at the time of disclosure.

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

EBRD project enquiries not related to procurement:

Phone: +44 20 7338 7168
Email: projectenquiries@ebrd.com

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html