Masdar News

Masdar enters strategic alliance to explore renewable energy opportunities in Ukraine

15 Feb 2021 Press Release
Corporate, Clean Energy, Masdar City

Masdar, parent company Mubadala Investment Company, and DTEK, Ukraine’s largest private power producer, have signed a strategic agreement to explore potential clean energy investments in Ukraine.

The announcement was made following an official visit by His Excellency Volodymyr Zelensky, President of Ukraine, to Masdar City, Abu Dhabi’s sustainable urban development. Faris Al Mazrui, Head of Mubadala’s investment program in the Commonwealth of Independent States (CIS), Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Maxim Timchenko, CEO of DTEK, signed a memorandum of understanding (MoU) during a ceremony at Masdar City.

“As a global leader in renewable energy, with a presence in more than 30 countries, Masdar welcomes this opportunity to help Ukraine achieve its clean energy goals,” Al Ramahi said. “Our business model is based on forging strong partnerships in the sectors and geographies in which we operate, and we look forward to exploring potential areas of collaboration with DTEK in Ukraine. By leveraging our combined expertise, Masdar and DTEK will be able to best identify the path forward for Ukraine’s renewable energy sector.”

“In our action to tackle climate change, we go even further with our new partners Masdar and Mubadala to help build a carbon-free future for all,” Timchenko said. “We welcome international cooperation and partnerships as the foundation for future success. DTEK is ready to share its experience and contribute to achieving this goal.”

Ukraine’s Energy Strategy aims to increase the share of renewables in the country’s energy mix to 25 percent by 2035. DTEK Renewables, the operating company managing DTEK’s renewable energy assets, is the largest investor in green energy in Ukraine, with a portfolio of 1 GW of solar and wind capacities.

The trilateral MoU was one of a number of such agreements Mubadala signed with various Ukrainian organizations, including three MoUs with government entities to explore mutually beneficial investment opportunities.

“Mubadala has established a strong track record of entering new and emerging markets,” said Al Muzrai. “Ukraine has very promising potential for foreign investment, and the signing of MoUs with leading entities in Ukraine represents a commitment to explore potential investments and areas of cooperation on a case-by-case basis. We are impressed by the quality and caliber of Ukrainian businesses.”