Ukraine – Wind Power Market Outlook, 2017-2022

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By Swann Bigot, legal expert and consultant  – Update : May 2020, First version : September 30, 2019

Wind turbines, June 2018 - Photo credit : Swann Bigot

Wind turbines in fields, December 2018 – Photo credit : Swann Bigot

Ukraine – Wind Power Market Outlook, 2017-2022

Official targets, capacities, generation, investments trends, companies and local industry

Are you looking for investment opportunities in the wind energy ?

With an economic growth of 3.3% in 2018 and 2019, Ukraine offers business opportunities for investors and companies. One of the most dynamic sectors is the energy industry, which is undergoing modernization and transformation, benefiting from increasing energy needs. 

The World Bank reported in November 2019 that if the key reforms move forward, the Ukrainian economic growth is projected at 3.7 % in 2020 and 4.2 % in 2021. However, the coronavirus outbreak changed the landscape. The Ukrainian industrial production decreased in April 2020 by 16.2% compared with April 2019, while in March the decline was 7.7%, revealed the State Statistics Service on May 22. The GDP should fall by 4.8% in 2020 because of the coronavirus crisis, according to the Ukrainian Ministry of Economic Development.

Nevertheless, the current crisis is directly linked to the COVID-19 pandemics. As soon as the coronavirus crisis will slow worldwide, we can expect that economies will progressively recover to their growing paths. Ukraine remains an industrial and European country, offering opportunities for investors and industry professionals, including in renewable energy.

The Ukrainian wind power industry should continue growing in the coming years as the country set the official target of 25% of renewable energy share by 2035 and provide attractive conditions to investors and energy companies. Over the past five years, 2,169 MW of new renewable energy capacities have been built in Ukraine, for a global investment worth around EUR 2 billion. 

To get this market outlook :

Wind power plays a key role in the Ukrainian energy transformation. Foreign and local companies are actively engaged in wind farm projects in the country, driving investments, new skills, new generating facilities and manufacture capacities. The transformation started ten years ago, when Ukraine launched the reform of its energy sector and adopted in 2009 the first legislation related to renewable energy.

The new President Volodymyr Zelensky elected in April and the new government voiced their support towards investors and more favourable conditions for business. The President Zelensky wants to continue reforming the country with the help of national and foreign businessmen, experts and companies. During the forum “Dialogue of business and Government” held in Kyiv on June 20, the head of state called to develop renewable energy capacities and energy efficiency :

Over the next five years, we will do our utmost to become truly energy independent: to integrate into the European energy market, […] to create conditions for the development of alternative energy sources. Together with the energy saving program, this will make our economy even more efficient and effective […].”

Modernization of generating infrastructure and power grid as well as the development of renewable energy capacities are now the priorities. The country suffers an energy deficit and has to import foreign gas for heat and electricity generation, paid in foreign currency. In addition, the majority of power plants have already exceeded their operating lifetime and need to be modernized.

The International Renewable Energy Agency revealed in February 2017 that the wind power cost-competitive potential of Ukraine amounts to 119.2 GW. This is the largest wind power potential of Eastern Europe.

To get this market outlook :

The new wind power generation capacities must help to cover the national energy needs, with a population reaching 44.2 million inhabitants in 2017 and a growing economy. The development of related infrastructure is also expected to revive the national economy after years of recession, provided necessary equipment is produced locally. The Ukrainian wind power industry is now among the most attractive for foreign direct investments together with agriculture and IT sector.

The goal of this market outlook is to help investors interested in the wind power industry in Ukraine by giving them a complete overview for the period 2017-2022.

When looking at the Ukrainian wind power market, investors and energy operators may ask the following questions :

  • Is it the right time to invest in wind energy in Ukraine ?
  • What are the legal and the regulatory frameworks ?
  • What is the national wind energy target ?
  • What are the foreign companies already engaged in the market ?
  • How much have they invested ? Are these wind farm projects successful ?
  • What is the national market situation ?

This report will answer these questions with operational and difficult to obtain information and in-depth analysis of the Ukrainian wind power market.

To get this market outlook :

The current renewable energy capacities and the official target for 2035 (Chapter I) are reinforced by a financially interesting support scheme (Chapter II). Large wind farms are now built in Ukraine by national and foreign companies (Chapter III), which allows the development of national manufacture capacities, which represent opportunities for investors in search of sustainable income (Chapter IV).

Cover picture - UWPMO 2017 - 2022

Five reasons to buy this report :

  1. Help your decision making process about a complex but promising market ;
  2. Presentation of the Ukrainian target for renewable energy by 2020 and by 2035 ;
  3. Identification of key growth and investment opportunities in the Ukrainian wind power market ;
  4. Presentation of the major players of the Ukrainian wind power market ;
  5. An analysis of the recent reforms of the feed-in-tariff and the introduction of auctions for wind power projects ;

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About the author 

Swann Bigot, legal expert and experienced consultant in the emerging markets.

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