Ukraine’s largest oil producer wants to build 200 MW of green capacity in addition to gas generation.

Ukrnafta, part of the Naftogaz group, which, with the support of the EBRD, has planned projects to generate energy using its gas, is additionally working to attract investment to build around 200 MW of renewable energy capacity, such as solar and wind, within two years, said Duncan Nightingale, Chairman of the Supervisory Board of Ukraine’s largest oil producer.

According to agreements with the EBRD, the bank will provide the company with grant support totaling several tens of millions of euros in addition to loans. These funds will be used to build about 375 MW of gas generation. According to Nightingale, Ukrnafta’s initial plan will introduce about 1 GW of new electricity, heat, and energy storage facilities by 2028.

“We plan to raise funds from current donors, national and international banks, and investors. The main task is to direct the company’s funds to the main activity of increasing hydrocarbon production, and energy projects must be self-sufficient, including attracting financing,” Nightingale emphasized.