POLITICO: help us build wind farms to beat russian bombs, Ukraine tells EU

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POLITICO: help us build wind farms to beat russian bombs, Ukraine tells EU

17 April 2024, Ukraine

In a recent article published by POLITICO, Maxim Timchenko, DTEK CEO, called on the European Union to help the country build more wind and solar farms better to withstand russia's attacks on its power infrastructure.

“I appeal to institutions like the European Bank for Reconstruction and Development, European Investment Bank … so that they will start helping us” with accessing capital and de-risking guarantees, Maxim Timchenko added, insisting more green projects would also have wider benefits.

According to the article, Ukraine's energy system has been severely damaged by the recent Russian missile and drone strikes, with DTEK losing 80% of its generation capacity and five of its six coal-fired power plants being "seriously damaged."

Mr.Timchenko emphasised that rebuilding the country’s coal-fired plants is only a temporary solution and that the company’s priority is now to invest in large-scale wind and solar projects. However, Timchenko said that the investment risks related to the war have left firms like DTEK unable to access the necessary capital or insurance for these new projects.

To address this issue, Timchenko is appealing to institutions like the European Bank for Reconstruction and Development and the European Investment Bank to provide the financial support and de-risking guarantees needed to help DTEK and other Ukrainian companies invest in renewable energy projects. Timchenko argued that such investments would help Ukraine keep the lights on and contribute to the European Union’s green transition by enabling Ukraine to export renewable energy to Europe.

Read the full article on the Politico website.

ABOUT DTEK

DTEK Group is the largest private investor in the energy sector of Ukraine. The Group employs 55,000 people.

DTEK Group's companies are engaged in coal and natural gas mining, electricity production at wind, solar and thermal power plants, trade energy resources in the Ukrainian and international markets, distribute and supply electricity to consumers, provide energy-efficient services to customers, and develop a network of high-speed charging stations. In accordance with the Strategy 2030, DTEK strives to transform into a more energy-efficient, environmentally friendly and technological business, guided by ESG principles. DTEK is a member of the World Economic Forum's Partnering Against Corruption Initiative (PACI). Our goal is to achieve carbon neutrality.

Since the beginning of the full-scale invasion, DTEK Group has restored power supply to more than 11 million consumers in the regions affected by the hostilities. DTEK Group is 100% owned by SCM Limited. The ultimate beneficiary is Rinat Akhmetov.