GEK Terna is the first Greek and European Group to sign an agreement for the construction of specialized energy projects in Ukraine, with an estimated budget of 1.5 billion euros so far.
Their implementation is certainly still a long way off, the war needs to end and the financing model needs to be agreed upon.
GEK Terna, through its 100% subsidiary Terna, signed a Memorandum of Understanding (MoU) last Saturday with Ukrhydroenergo for the joint development and implementation of the 1,263 MW Dniester PSPP Pump Storage and a new 220 MW New Pumping Station, with a total budget of 1.5 billion euros.
These are the first two projects in the Western Ukraine region to be implemented within the framework of the MoU, while other opportunities in hydroelectric and pumped storage projects in the country are also being examined.
Ukrhydroenergo is the largest hydroelectric power producer in Ukraine and one of the 15 largest state-owned enterprises in the country. It operates 10 hydroelectric power plants and pumped storage stations on the Dnieper and Dniester rivers, and has a long tradition of cooperation with the European Investment Bank (EIB), with which it has been implementing contracts focusing on the reconstruction and upgrading of hydroelectric power plants since 2014.
GEK Terna and Ukrhydroenergo, under the MoU, committed to developing close and comprehensive cooperation, with the aim of accelerating Ukraine’s energy transition and strengthening the resilience and security of its electricity system through the implementation of modern, strategically important hydroelectric and pumped storage investments.
The agreement with Ukrhydroenergo allows GEK Terna to start its activity in a market with the greatest infrastructure needs in Europe. The Greek Group’s entry into the Ukrainian market is being carried out through a partnership with an experienced local partner and the country’s leading company in the hydroelectric projects sector, thus significantly reducing the risk.
It is noted that Terna, the largest construction company in Greece, has extensive international experience in the design, construction and operation of complex energy infrastructures and in particular pumped storage projects. It is currently implementing the Amfilochia pumped storage system, the largest investment in a storage project in Greece.
The critical energy infrastructure that it will implement in Ukraine will contribute to the stabilization of the energy network and the acceleration of the country’s energy transition. It is estimated that these projects will receive significant support from international financial institutions and European institutions (EBRD, EIB, etc.), including technical and regulatory assistance, and at the same time, the Ukrainian government is expected to create a particularly friendly framework for investors, due to the great needs that must be met immediately.
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