EBRD stated that Ukraine urgently needs new generation capacity after Russian attacks severely damaged its power sector, creating a significant shortfall in electricity generation. In response, the bank announced the launch of the Ukraine Renewable Energy Risk Mitigation Mechanism.
The Ukraine Renewable Energy Risk Mitigation Mechanism was presented at the Ukraine Recovery Conference in Rome, where the European Bank for Reconstruction and Development (EBRD) signed letters of intent with the European Union and the Netherlands.
The mechanism is expected to support 1 GW of new renewable energy capacity, potentially mobilising €1.5 billion ($1.75 billion) in investments.
Fundraising among donors has already started and will accelerate. The European Union has approved €180 million ($210 million) to support the mechanism under its Ukraine Investment Framework (UIF) and The Netherlands aims to provide grants of €12 million. Germany, Norway, Sweden, and Switzerland are also considering supporting the initiative.
Ukraine has strong renewable energy potential and its Energy Strategy until 2050 emphasises the importance of new renewables. The initiative is backed by the EBRD, the European Commission, IFC, the World Bank, and Ukraine’s Business Advisory Council, with additional input from EUEA, UWEA and Green Deal Ukraïna.
The mechanism will stabilise revenues for renewable developers and help overcome market volatility, which the EBRD said has deterred investment despite Ukraine’s strong wind and solar potential.
Projects will be selected through competitive auctions, with the EBRD leveraging experience from 17 previous tenders in nine countries totalling 8GW.
The EBRD said the mechanism will be open to all financial institutions to lend to successful projects.
The EBRD said the new mechanism would accelerate investment in secure, clean energy and provide developers with confidence in future revenue streams.
It is one of three new programmes supported by the EU and implemented by the EBRD, alongside Financial Inclusion Recovery Programme, providing €200 million of guarantees with which €2 billion of lending to small- and medium-sized enterprises (SMEs) is targeted. The third is the SME Recovery Programme, providing €45 million to facilitate lending of €135 million for SMEs.
A 7.4-magnitude earthquake struck off the east coast of Russia’s Kamchatka Peninsula on Saturday, but no tsunami alert was issued, according to the ...
Finance ministers from the Group of Seven discussed new sanctions on Russia and tariffs on countries buying its oil, as the U.S. urged allies to ramp ...
North Korea will unveil a new policy linking nuclear and conventional military development at its upcoming ruling party congress, Kim Jong Un announce...
The United Nations General Assembly on Friday overwhelmingly endorsed a declaration calling for “tangible, timebound, and irreversible steps” towa...
Japan has reached a record 99,763 centenarians as of September 1, with women accounting for roughly 88 percent, marking the 55th consecutive year the ...
The European Bank for Reconstruction and Development (EBRD) has provided a €500 million loan (almost $590 million) to the national gas company Naftogaz (NAK) for emergency gas purchases for Ukraine.
The European Bank for Reconstruction and Development (EBRD) has announced a lending the equivalent of $7 million to Saloğlu, Azerbaijan’s leading furniture producer and retailer, in local currency to help boost its competitiveness.
Kazakhstan and The European Bank for Reconstruction and Development (EBRD) will continue to work together to support transport infrastructure, green energy, small and medium-sized businesses, agriculture, and information technology in the country.
Kazakhstan’s Ministry of Energy and the European Bank for Reconstruction and Development (EBRD) held talks on advancing cooperation in decarbonization, renewable energy and modernization of the country’s power infrastructure.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
A day of mourning has been declared in Portugal to pay respect to victims who lost their lives in the Lisbon Funicular crash which happened on Wednesday evening.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
A decision on the EU’s proposed 2040 climate emissions target has been delayed, with ministers now set to discuss it at an October summit instead of next week, EU officials said.
A high-level EU summit on Friday reaffirmed Europe’s commitment to electric cars, with the Commission holding firm on CO2 targets through 2035 despite industry calls for flexibility.
A vaccine to protect Australia's koalas against chlamydia has been approved for the first time, a development that scientists believe could stop the spread of the deadly disease that has ravaged populations of the beloved endangered animal.
Pakistan’s eastern towns of Chiniot and Hafizabad are at risk of devastating floods if an irrigation barrage on a major upstream river collapses after torrential rains pushed it beyond capacity, officials warned on Thursday.
Egypt, the United Arab Emirates (UAE), and Bahrain have signed an agreement with China to jointly develop a $220 million solar energy project.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment