UKRAINE RENEWABLE ENERGY TRACKER
Solar energy
$425 million invested into the global off-grid solar sector in 2023, a 43% drop versus 2022.
Wind energy
Global offshore wind investment reached a record $76.7 billion, jumping 79%.
Energy transition
Global investment in the energy transition hit $1.8 trillion in 2023, up 17% on the previous year and a new record.
Investments in RES:
1,770,000,000,000 USD
Key sectors
In Ukraine, as of the beginning of 2024, the installed capacity of renewable generation facilities increased by 238 MW from the level of 2022 and reached 8773 MW. Currently, more than 1,000 companies operate more than 1,767 renewable energy facilities/installations in the sector.
In 2023, Ukrainian businesses invested about USD 150 million in solar energy.
The Epicentr Group plans to enter into agreements to finance green energy projects to install solar power plants on about 3 million sq m of space. The amount of investment may exceed $200 million.
The total volume of green electricity production has not changed compared to 2022 and reached about 8 million MWh. The most significant drop in electricity production in 2023 was recorded at wind power facilities – by 43%, while other RES facilities increased production by 10-61%. In Ukraine, over 660 MW of new renewable energy capacities were commissioned during the 2022-2023 military years.
Key sectors
Energy storage
DTEK is investing €140 million in energy storage facilities to strengthen Ukraine's energy security. The Ukrainian power system will need 800 MW of energy storage.
Solar Energy
Demand for inverters increased by an impressive 3516% from 2021 to 2024. Ukraine has about 55 thousand home solar power plants under the green tariff. And only about 10 SPPs are installed on the roofs of multi-storey buildings. At the same time, the Cabinet of Ministers of Ukraine has instructed the installation of solar panels in social infrastructure facilities such as schools, kindergartens, and hospitals by the end of 2025.
Wind energy
On September 18, 2024, the largest operating wind farm in the mountainous area, Skole Wind Farm, with a capacity of 54.6 MW, was presented in the Lviv region. Skole Wind Farm is a joint project of the Ukrainian company Eco-Optima LLC and the Czech company MND. The total investment in the project amounted to UAH 2.1 billion, and the main lender of the project was the Ukrainian bank JSC Ukreximbank. Starting in 2025, Ukraine plans to implement a number of wind farm construction projects. They can provide about 500 megawatts of generation.
Innovations in green energy
In 2024, solar energy will be at the peak of its development, thanks to the introduction of the latest technologies. One of the most talked — about is the use of thin-film solar panels that can be installed on any surface, opening up many new opportunities for green energy production. Another promising technology is the use of artificial intelligence to optimise the operation of solar power plants. This can increase their productivity, reduce maintenance costs and ensure stable operation of the system.
Biomass
About 10% of buildings in Ukraine are heated with biomass, 10% with coal and 80% with gas. In 2020, biomass replaced about 5.2 billion m3 of natural gas, which is about 15% of total pre-war consumption.
Biomethane (biogas)
Vitagro Group, together with the specialists of the Khmelnytsky branch of Gas Distribution Networks of Ukraine LLC, has supplied biomethane to the Ukrainian gas transmission system (GTS) for the first time. During the initial days of operation, the biomethane plant operated at 60-70% of its planned capacity, and the daily volume of gas supplied to the GTS was approximately 6 thousand cubic metres. The plant can reach its total capacity by the end of October 2024.
Green Steel
The cost of the medium-term green transition strategy until 2035 is almost $35 billion. Such investments will ensure the production of up to 15 million tonnes of green steel per year.
Energy Efficiency
Ukraine's 9.2 million residential buildings consume 28.4% of final energy and are far less efficient than EU buildings. Ukraine's energy efficiency investment needs to amount to USD 57 billion. Today, the Energy Efficiency Fund provides grant support to co-owners of multi-storey buildings in three areas. - Up to 70% of the cost of energy efficiency measures in multi-storey buildings — the Energodim Programme. - 70% of the cost of equipment and materials for the introduction of alternative energy sources (solar power plants and heat pumps) - the Greendim Programme. - 100% of the cost of restoring residential buildings damaged as a result of Russia's war against Ukraine — the RestoreHOME programme.
Title
Policies
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The declared key objective of the Energy Strategy of Ukraine is to turn Ukraine into an energy hub in Europe. Ukraine has ambitious plans to transform its energy sector through the development of renewable and carbon-neutral generation and by attracting investment in the energy sector.
Global Investments in RES
Global energy investment is set to exceed USD 3 trillion for the first time in 2024, with USD 2 trillion going to clean energy technologies and infrastructure. Investment in clean energy has accelerated since 2020, and spending on renewable power, grids and storage is now higher than total spending on oil, gas, and coal.
The amount of wind and solar power being built in China is almost twice as much as in the rest of the world. Thus, the country is building 180 GW of industrial-scale solar power plants and 15 GW of wind power plants. The total capacity of all solar and wind power plants under construction in China is 339 GW. In the US, for comparison, it is 40 GW. It is worth noting that these figures take into account only SPPs with a capacity of 20 MW or more that are directly connected to the grid. However, small power plants account for about 40% of China’s solar capacity.
Grids have become a bottleneck for energy transitions, but investment is rising. After stagnating around USD 300 billion per year since 2015, spending is expected to hit USD 400 billion in 2024, driven by new policies and funding in Europe, the United States, China, and parts of Latin America. Advanced economies and China account for 80% of global grid spending. Investment in Latin America has almost doubled since 2021, notably in Colombia, Chile, and Brazil, where spending doubled in 2023 alone. However, investment remains worryingly low elsewhere.
trillions of USD
Development of local RES projects / Renewal of industry using renewable energy sources
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The development of local renewable energy projects can reduce the carbon footprint and contribute to the sustainability of Ukrainian communities.
Promoting the use of renewable energy sources, such as solar, wind and hydropower, at the local level will allow decentralization of renewable energy production, making it more affordable and beneficial for communities to generate their own electricity from clean and sustainable sources.
