Bank urges dialogue in order reach acceptable consensus
The European Bank for Reconstruction and Development (EBRD) is seriously concerned about the current situation in the Ukrainian Renewable Energy Sector.
The EBRD welcomed the mediation led by the Energy Community Secretariat between renewable energy investors and the Ukrainian authorities aiming to find a balanced and consensual restructuring of the renewables support scheme. However, while the process has secured agreement in many areas, it continues to raise concerns with many investors, who may face material financial losses if it is implemented in the current form.
The Verkhovna Rada is now considering Draft Law 3658, based on the memorandum. While the EBRD supports many of the elements in it, we urge the administration and legislators to continue their dialogue with investors in order to reach a consensual solution which is supported by the sector as a whole.
To date, Ukraine’s renewable sector has delivered more than 5 GW of clean, local electricity generating capacity, creating jobs and paying taxes across the country, while attracting billions of Euros of domestic and foreign investment.
The EBRD therefore urges all stakeholders to preserve this success. A consensual solution would reduce the cost of renewable electricity for consumers while also demonstrating, both at home and abroad, the resilience, stability and predictability of the Ukrainian investment environment.
