Ukrainian Green Power LLC | E-UGP Renewables Projects
Ukrainian developer of renewable energy projects UGP and European company ENEFIIN Group in October 2021 have signed a strategic joint venture for the development of renewable energy projects and attracting international investors to Ukraine.
Ukrainian company UKRAINIAN GREEN POWER (UGP), which specializes in the development of projects for energy facilities running on renewable energy sources, and ENEFIIN Group have signed a strategic joint venture for the development of these projects for international investors. The companies will cooperate in the development of solar, wind and hydrogen projects in Ukraine. ENEFIIN Group will acquire a minority shares position in UKRAINIAN GREEN POWER (UGP) they will work under a joint brand called E-UGP Renewables Projects.
According to companies management, despite significant transformations in the renewable energy market, Ukraine has significant potential and is one of the most promising markets in Europe for the development of renewable energy sources. This is due to several factors, including the European Union’s proposed status as a key partner in implementing the EU’s hydrogen strategy and the recent official statement by the Ukrainian government on Ukraine’s strategic goal of reaching the top 5 clean electricity producers in Europe by 2035.
The Management of the companies also noted that Ukraine has favorable conditions for the development of renewable energy sources and a convenient geographical location – close to the EU borders (if we consider from the standpoint of optimal logistics when transporting hydrogen to the EU). Ukraine also has significant territories (Europe’s largest country) for the location of renewable energy facilities and a developed energy infrastructure and a powerful Energy System, which from 2023 will operate in synchronous mode with ENTSO-E.
The companies said that in the first stage of cooperation they plan to develop projects with a total capacity of 500 MW for a pool of international investors. Currently, work has begun on conducting the necessary consultations with international investors on the development and implementation of projects in Ukraine.