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06 October 2026, 10:12

The Board of the Climate Investment Funds (CIF) has approved Ukraine’s investment plan worth USD 116.2 million under the Renewable Energy Integration (REI) programme. The plan aims to develop cross-border interconnections, increase renewable energy capacity and expand energy storage.

This was announced by First Deputy Prime Minister of Ukraine – Minister of Energy Denys Shmyhal.

“We appreciate the support of our partners at the World Bank in preparing the Investment Plan, as well as the coordination provided by the International Finance Corporation and the European Bank for Reconstruction and Development,” the Minister of Energy noted.

The approved programme will be implemented through two components.

Public sector component. Together with the World Bank and NPC Ukrenergo, an investment package worth approximately USD 200 million has been developed. It includes:

  • Construction of the 400 kV Chernivtsi–Suceava cross-border interconnector. This strategic infrastructure will provide additional transmission capacity of 880 MW towards Ukraine and 445 MW towards European power grids.
  • Modernisation and enhanced protection of five high-voltage substations.
  • Engineering support for investment implementation.
  • Modernisation of Ukrenergo’s IT, telecommunications and operational infrastructure.

Private sector component. This component is being developed by the IFC and the EBRD and provides for:

  • Support for private investment in energy storage systems, including standalone battery energy storage systems (BESS), adding 610 MW of battery storage capacity.
  • Renewable power generation projects combined with energy storage, as well as other distributed energy solutions.

The programme will help accelerate the integration of Ukraine’s power system into the European electricity network and support the transformation of Ukraine’s energy sector.

“Implementing these projects will help strengthen the resilience of Ukraine’s power system, which is subjected to deliberate Russian attacks every day. I am grateful to the World Bank, the International Finance Corporation, the EBRD and CIF for their support and close cooperation,” Denys Shmyhal emphasised.