Ukraine Secures Nearly €2 Billion in Energy Agreements at Recovery Conference
At the Ukraine Recovery Conference in Gdańsk, Ukrainian authorities signed 28 international agreements in the energy sector, securing financing worth almost €2 billion for projects including wind, gas, and grid modernization.
Ukrainian Energy Minister Denys Shmyhal announced the signing of 28 international agreements at the Ukraine Recovery Conference (URC 2026) in Gdańsk, covering energy sector projects with total financing of nearly €2 billion.
Key agreements include a US Export-Import Bank intention to provide $300 million in financing for American equipment and services for Naftogaz Group, Ukraine’s largest oil and gas company. German renewable developer Notus Energy signed joint terms for a €65 million loan to finance a 120 MW wind power plant.
DTEK, Ukraine’s largest private energy company, and US firm GE Vernova agreed to construct a new 650 MW combined-cycle gas turbine (CCGT) power plant, with total investment of €900 million. Another wind project secured €191.2 million in financing from IFC, EBRD, BSTDB, BII Ukraine and Swedfund for a 189 MW wind plant implemented by Halnafohtaz subsidiaries.
The EBRD signed letters of intent with Germany (€45 million contribution) and Norway (€10 million) for the Renewable Acceleration and Market Development for Ukraine Programme (RAMP-UP), which aims to support 1 GW of new renewable capacity and potentially mobilize €1.5 billion in investment.
For grid infrastructure, a €90 million loan under state guarantees will go to state-owned transmission operator Ukrenergo for substation repairs and corporate governance improvements. A €11 million grant from Germany through KfW will allow Ukrenergo to purchase critical equipment for energy infrastructure repairs.
Norway and the Netherlands provided a €44.6 million grant for Ukrnafta. Several memoranda were also signed, including with Swedfund for infrastructure modernization; Naftogaz signed memoranda with Siemens Energy, GEK TERNA Group, DP Pumps, and ORLEN. A Ukrainian-Polish cross-border CO₂ transport and storage project with CQUESTRA BV, valued at €8.53 million, was initiated via a memorandum by Naftogaz and Ukrnafta. Energoatom and Czech Škoda JS expanded cooperation on nuclear capacity development and infrastructure modernization.
Following the conference, over €550 million in international support was mobilized for Ukraine’s energy sector ahead of next winter. Shmyhal stated Ukraine aims to restore 54 GW of generating capacity by 2035, matching pre-2014 levels. A joint statement from the Ministry of Energy, European Commission, and Energy Community Secretariat called for increased contributions to the Ukraine Energy Support Fund, noting that all €300 million have been contracted and a further €650 million is needed for winter preparations.
