The Secretariat joins forces with IRENA to de-risk renewable investments in Ukraine 

11 June 2024

Today, at the Ukraine Recovery Conference in Berlin, the Energy Community Secretariat and the International Renewable Energy Agency (IRENA) signed a Letter of Intent to closely work together in support of sustainable energy initiatives in Ukraine.   

Under today’s Letter of Intent, IRENA will utilize its expertise in renewable energy technologies and intends to submit project proposals for funding consideration by ETAF Partners within the framework of the Ukraine Energy Support Fund.  

Through its project facilitation work, the Energy Transition Accelerator Financing (ETAF) and Climate Investment (CIP) platforms, IRENA has built up a network of diverse financiers, such as MDBs, DFIs and commercial banks, looking to invest in energy transition projects in its members, including in Ukraine. 

Artur Lorkowski, Director of the Energy Community Secretariat, stated, “Our collaboration with IRENA is a significant step towards incorporating renewable solutions into Ukraine’s energy resilience efforts. This partnership is crucial for de-risking private investments in large-scale renewable projects amid the war.” Francesco La Camera, Director-General of IRENA, added, “This cooperation enables us to apply our resources and expertise where they are most needed, accelerating the transition to sustainable energy 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 mobilized nearly 500 million euros from various contributors. 

The collaboration between IRENA and the Energy Community Secretariat was also acknowledged by the G7+ Energy Coordination Group at the conference for its potential in encouraging green capital mobilisation and facilitating and de-risking investments in renewable energy projects in Ukraine

In Scope:

  • Ukraine Ukraine