CWP Global has entered the Ukrainian market with acquisition of a 73MW wind project in development.
The project is located in the Kherson region and will enter construction in 2023, bringing €76m of investment and creating 360 jobs, the developer said.
Ukraine’s renewable energy is expected to jump from 4% of energy generation in 2015 to up to 25% over the next decade, according to projections from the International Energy Agency.
This forecast is consistent with Ukraine’s new Energy Strategy (ESU) that focuses on attracting investment to develop the country’s energy infrastructure and integrating it into the European market system between 2021-2025, while replacing its ageing fossil-based and nuclear infrastructure over the coming decades.
CWP chairman Mark Crandall said: “Western European markets are rapidly increasing demand for green electricity and will soon dramatically increase demand for green hydrogen, all due to the drive to decarbonize the energy sector.
“Given Ukraine’s important renewable energy potential, and because of its proximity to this growing market, it was the obvious choice for CWP Global to invest in Ukraine.
“This landmark investment in Ukraine is an exciting stepping-stone for CWP Global and we look forward to working with communities, supply chain partners and the Ukrainian government to deliver world leading infrastructure projects.”