IRENA and Energy Community Secretariat join forces to de-risk renewable investments in Ukraine
On 11 June, the International Renewable Energy Agency (IRENA) and the Energy Community Secretariat agreed to work closely together in support of sustainable energy initiatives in 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 Energy Community Secretariat and has already mobilised nearly €500 million from various contributors.
Under the signed Letter of Intent, IRENA will utilise its expertise in renewable energy technologies, and intends to explore project proposals submitted as part of the Ukraine Energy Support Fund for subsequent funding consideration by its partners. IRENA has a network of diverse financiers, such as multilateral development banks (MDBs), national and international development finance institutions (DFIs) and commercial banks, looking to invest in energy transition projects, including in Ukraine.
Francesco La Camera, Director-General of IRENA, said: “This cooperation enables us to apply our resources and expertise where they are most needed, accelerating the transition to sustainable energy in Ukraine.”
“This partnership is crucial for de-risking private investments in large-scale renewable projects amid the war,” Artur Lorkowski, Director of the Energy Community Secretariat, said.
The partnership will proceed with detailed negotiations to finalise terms under which projects will be proposed, assessed, and funded, ensuring transparency and adherence to best practices.
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