Octopus Energy Partners With Ukraine to Deploy Solar Power Projects in €100m Euro Deal

British energy heavyweight Octopus Energy has joined forces with Ukraine’s largest private energy firm DTEK in a landmark €100 million initiative to bolster Ukraine’s energy security through solar and battery installations.

The collaborative venture, dubbed RISE (Resilient Independent Solar Energy), aims to establish 100 solar and battery projects across Ukraine over the next three years, addressing the critical need for energy resilience following Russian attacks that have severely impacted the nation’s power infrastructure.

DTEK’s Chief Executive, Maxim Timchenko, revealed that approximately 70% of Ukraine’s thermal generation capacity has been compromised since the invasion, creating an urgent necessity for rebuilding whilst presenting an opportunity to modernise the country’s energy system.

The programme’s financial structure is designed to overcome current market constraints, where Ukrainian businesses face prohibitive interest rates of 20-22%. The initiative will establish a dedicated financing vehicle offering more favourable terms than traditional banking options, with Octopus potentially serving as a cornerstone investor.

Greg Jackson, Octopus Energy’s CEO, expressed optimism about the project’s long-term impact, suggesting that post-war Ukraine could emerge with one of the most advanced and cost-effective energy systems globally. The initiative is expected to deliver significant cost savings, with participating businesses potentially reducing their energy expenditure by 10-25% after accounting for financing costs.

UK Energy Minister Michael Shanks endorsed the partnership during his appearance at Octopus’s Energy Tech Summit in London, emphasising the intrinsic link between national security and energy independence. The minister pointed to Ukraine’s situation as a stark reminder of the vulnerabilities associated with fossil fuel dependence.

The partnership represents a significant step towards establishing a decentralised, renewable energy system in Ukraine, with DTEK’s subsidiary handling installation while Octopus’s Kraken operating system optimises usage and facilitates power trading with the Ukrainian grid.