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Denmark allocates new funding for renewable energy infrastructure in Ukraine, strengthening green initiatives

On 23 April, Ukraine and Denmark signed a Memorandum of Understanding aimed at fostering long-term cooperation and facilitating the reconstruction of Ukraine.
The solar power station in Pokrovsk, is one of the largest in Europe. Photo: eenergy.com.ua
Denmark allocates new funding for renewable energy infrastructure in Ukraine, strengthening green initiatives

Ukraine and Denmark have signed a Memorandum of Understanding on long-term cooperation and Ukraine’s reconstruction, according to Ukraine’s Ministry of Economy.

Approximately two months ago, Russia renewed its missile and drone attacks on Ukraine’s energy infrastructure, which left thousands of civilians without electricity, heating, and water. Currently, the country seeks ways to protect vital objects from further invaders’ strikes and rebuild destroyed or damaged facilities as quickly as possible.

Under this document, the Danish government will allocate nearly €40 million to bolster the private sector’s involvement in Ukraine’s rebuilding process, as well as €380 million to support the country’s critical infrastructure operating on renewable energy sources.

“We recognize the importance of enhancing commercial relations between Danish and Ukrainian businesses to bolster the Ukrainian economy and business community.

The memorandum we’ve signed entails collaboration with the private sector through the Ukraine Facility mechanism with loans and guarantees system within the Export Investment Fund of Denmark, part of the Danish-Ukrainian Fund aimed at mitigating financial risks encountered by companies engaged in Ukraine’s reconstruction,” said Minister of Economy Yulia Sviridenko.

In accordance with the reached agreements, the Danish government will allocate new funding to the Export Investment Fund of Denmark, facilitating new investment opportunities of at least approximately €40 million. It will increase the overall fund package to €170 million.

Furthermore, the parties will promote dialogue between Danish funds and their Ukrainian partners to support further cooperation in Ukraine’s reconstruction efforts. Government representatives have also agreed to facilitate meetings between Danish and Ukrainian businesses, mainly through the Ukrainian Investment Forum, and create and implement loan and guarantee mechanisms to support Ukraine.

Separate attention will be given to the green transformation of the economy and the implementation of innovative solutions in the critical infrastructure sector, where Denmark holds leading positions in the global market. Specifically, to support critical infrastructure using renewable energy technology, the Danish government will allocate additional funding to the Ukrainian mechanism of the Export Investment Fund of Denmark, which totals nearly €380 million euros.

Ukraine and Denmark will also enhance cooperation in shipbuilding, development, and reconstruction of maritime port infrastructure.

On 23 April, Danish Minister for Industry, Business, and Financial Affairs Morten Bødskov met with President Zelenskyy to discuss joint projects for the restoration of Ukraine and its energy sector, devastated by Russian strikes.

“Today, I had the opportunity to thank Denmark – with a visit to Ukraine by the Danish minister of entrepreneurship,” he said.

According to the head of state, he and Bødskov discussed Denmark’s patronage of Mykolaiv Oblast, as well as joint projects “that have already begun to be implemented and those that are planned.” Both sides also discussed efforts to restore Ukraine’s energy sector, which has been devastated by Russian strikes.

According to the head of state, he and Bødskov discussed Denmark’s patronage of Mykolaiv Oblast, as well as joint projects “that have already begun to be implemented and those that are planned.” Both sides also discussed efforts to restore Ukraine’s energy sector, which has been devastated by Russian strikes.

Earlier, during the second investment forum for reconstructing Ukraine, Bødskov announced that Denmark would provide a $43 million package for Danish companies investing and implementing business projects in Ukraine.

“Ukraine’s fight for freedom is our fight for freedom. With additional funds in the Danish-Ukrainian fund, we once again emphasize that Denmark supports Ukraine’s tireless fight for freedom,” emphasized the minister.

Bødskov called the funding a significant step and added that the crimes of “Russian dictator Vladimir Putin demand one response: that we stand even more together with Ukraine.” 

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