Strengthening Ukraine’s energy resilience
Strengthening Ukraine’s energy resilience
Reliable energy supply is essential for Ukraine’s recovery.
The war continues to damage the country’s energy infrastructure and the need for decentralized renewable power has never been greater.
That’s why Ukraine remains a core market for our mission.
Direct investments allow us to support projects that strengthen energy security while advancing long-term climate goals.
In 2025, GGF made a minority equity investment in the 24 MW solar photovoltaic (PV) project in Western Ukraine, developed with GOLDBECK SOLAR. The investment reached financial close in August 2025 and was supported by BMZ’s Ukraine-dedicated funding.
The project also received the IJGlobal Market Impact Award, reflecting its importance as a renewable energy investment in Ukraine during wartime.
Purpose of the project
We have been active in Ukraine for over a decade.
This experience has become even more important since the start of the war as Ukraine’s energy system has faced severe damage, with more than half of the country’s power infrastructure destroyed or occupied.
The investment reflects the Fund’s role in mobilizing capital where it is urgently needed. By combining GGF’s climate finance mandate with BMZ-backed funding, Finance in Motion’s advisory role, and GOLDBECK SOLAR’s development capacity, the partnership helps bring new sources of renewable energy online in a constrained operating environment.
The transaction also sends an important signal: investable renewable energy projects can move forward in Ukraine, even under difficult conditions.
You just need the right partners, risk structures, and local commitment.
This partnership is about helping Ukraine strengthen sovereignty over its energy supply and lay foundations for sustainable recovery.
Use of proceeds
GGF’s minority equity investment supports the construction and commissioning of the 24 MW solar PV project in western Ukraine. The Fund holds a 49% minority equity position, with capital directed toward bringing the greenfield project into operation.
Once complete, the plant will supply clean electricity generated within Ukraine. This supports energy resilience at a time when stable power is essential for economic activity, public services, and recovery planning.
The project forms part of a broader framework established by GOLDBECK SOLAR and the EBRD to develop up to 500 MWp of renewable energy capacity.
Through this structure, GGF is helping accelerate a pipeline of clean energy assets that can support Ukraine’s long-term energy independence.
Impact of the project
The project will add decentralized solar generation to a power system under pressure. For businesses and institutions, more domestic renewable energy means a stronger foundation for continuity, efficiency, and growth.
The project also demonstrates the practical role of solar power in recovery. Taking under one year from financial close to operation, it shows how decentralized renewable energy can be delivered quickly when new capacity is urgently needed. It is also the first internationally funded commercial renewable energy project to come online in Ukraine since the start of the war.
Renewable energy can be deployed in ways that strengthen local supply and reduce exposure to external energy sources. In a wartime context, this makes clean power a resilience tool as well as a climate solution.
Decentralized solar can support resilience beyond electricity generation alone. GOLDBECK Solar Project Ukraine donated solar modules and an inverter for a solar array powering the local sewage pumping station, with Tesla Energo contributing the substructure, electro-mechanical equipment and installation works. The system is expected to help the pumping station continue operating during power cuts. This will benefit more than 6,000 residents and protect essential public services.
The signing of the investment agreements in Kyiv in October 2025, during a visit by Finance in Motion CEO Sylvia Wisniwski and GGF Fund Director Borislav Kostadinov, underlined the Fund’s long-standing commitment to Ukraine. The visit, held alongside a German delegation, highlighted the determination of Ukrainian partners and the role of international cooperation in advancing a green recovery.
Once operational, the solar PV project is expected to generate 28,000 megawatt-hours of clean electricity each year. The plant is also expected to avoid 12,000 tons of CO₂ emissions annually.
These results directly support GGF’s dual mission of climate action and economic resilience.
As Simon Gupta, Chairperson of the Board of GGF, said: “This project underlines the role that renewable energy can play in addressing immediate needs while also supporting long-term recovery.”
Beyond the investment
GGF complemented its investment with advisory and capacity-building support designed to strengthen the project's long-term sustainability and resilience. Support included environmental and social management planning, biodiversity assessments, strengthening of workplace safety measures by installation of a modular safety shelter, and analysis of future battery energy storage opportunities. Together, these activities helped ensure the project was developed in line with international standards while supporting the reliability and resilience of Ukraine's energy infrastructure.
About the company
About the company
GOLDBECK SOLAR Group is a German-based international company. It specializes in the development, turnkey construction, and management of industrial, commercial, and large-scale photovoltaic systems. Its services cover the full value chain, from project development and construction to technical operation, asset management, storage integration, clean energy sales, and M&A activities.