German company GOLDBECK SOLAR Investment and the European Bank for Reconstruction and Development (EBRD) are setting up a joint venture, GOLDBECK SOLAR Investment Ukraine, to implement 500MW solar power plant projects in Ukraine over the next three to five years.
“The aim of the new company is to develop, finance, construct and operate solar power projects to thereby support Ukraine’s energy independence and sustainability,” the company said in a press release on its website on Wednesday at the end of URC-2024 in Berlin.
GOLDBECK SOLAR Investment will receive a EUR5 million loan from DEG (Deutsche Investitions-und Entwicklungsgesellschaft) for its commitment in Ukraine through the ImpactConnect program initiated and financed by the German Federal Ministry for Economic Cooperation and Development (BMZ). Planning for the construction of the first solar park is due to start in the fall of 2024.
As noted, this is the EBRD’s first equity agreement in Ukraine’s energy sector since the full-scale Russian invasion. The document emphasizes the economic viability of the investment scenario and the continued role of GOLDBECK SOLAR as a reliable partner of the bank after previous debt financing transactions in Poland and Kazakhstan.
The EBRD, for its part, notes in a press release that the JV agreement will strengthen its relationship with GOLDBECK SOLAR Group, which it characterizes as an experienced German solar company with more than 20 years of experience. According to him, GOLDBECK SOLAR Group currently employs more than 550 people and has built more than 3 GW of solar capacity in 20 countries.
“This will be the group’s first investment and activity in Ukraine, which is also an important benchmark to stimulate foreign direct investment in its energy sector, especially with a focus on refurbishment and green transition,” the EBRD notes.
According to Joachim Goldbeck, CEO of GOLDBECK SOLAR Group, quoted on the company’s website, the group is aware of the risks posed by the current political situation, but recognizes: the future of Europe is linked to the future of Ukraine, “so we need to set an example today.”
“With our expertise and EBRD resources, we can make significant progress in the renewable energy sector. We see great potential in Ukraine and are confident that our actions will make a sustainable contribution to the country’s energy supply and encourage other companies to follow our path,” emphasized Olga Kovalchuk, Managing Director of the newly established GOLDBECK SOLAR Investment Ukraine.
According to Arvid Turkner, EBRD Managing Director for Ukraine and Moldova, the Bank welcomes this project, which has made it possible to attract key cross-border investments in Ukraine.
Grzegorz Zielinski, Director for Energy in Europe at the EBRD, in turn, expressed hope that the bank’s comprehensive approach to Ukraine’s energy sector at both public and private levels will catalyze further investment in the sector.
It is reported that in the framework of the URC Joachim Goldbeck and Deputy Minister of Energy of Ukraine Svetlana Grinchuk signed a memorandum of understanding with a joint commitment to cooperate in several areas and activities to promote private investment in the renewable energy sector of Ukraine.
