Norad has allocated more than €8million to Ukrainian and Norwegian companies for preparatory projects in renewable energy and medicine supply.
Norway’s Ministry of Foreign Affairs said the funding is provided through Norad’s business support scheme to reduce risks and increase investment in Ukraine.
Minister of foreign affairs Espen Barth Eide said the energy sector in Ukraine has suffered major losses and requires significant financing for reconstruction and efficiency measures.
The support includes €0.49million to DTEK Renewables for development of a 650MW wind power project scheduled for completion in 2028.
Fenix Repower AS will receive €5.08million to develop a wind power plant expected to generate 0.52TWh of renewable energy annually.
Malthe Winje has been granted €2.14 million to upgrade and rehabilitate six small hydropower plants currently out of operation.
Farmasoft will receive €0.57million to develop a pharmaceutical supply chain including a new warehouse meeting EU standards.
“Norad’s business support scheme helps reduce risks for companies and increases investment opportunities in a war-torn country,” said Espen Barth Eide, minister of foreign affairs.
“The energy sector in Ukraine has suffered enormous losses since the full-scale invasion four years ago. Ukraine is pursuing ambitious plans for renewable energy, and it is natural for Norway to contribute by facilitating investments from companies wishing to take part.”