Press release -
Swedfund to support Ukraine's energy sector
Stockholm/Kyiv 14 May 2024 – Swedfund and Ukraine’s state-owned energy company Naftogaz, has signed a Memorandum of Understanding (MOU) aimed at supporting the modernisation of combined heat and power plants (CHPs) and advancing renewable energy projects in Ukraine.
Swedfund is engaged in a number of projects supporting Ukraine, including in sectors like water, wastewater and digitalisation. Swedfund is also helping the energy sector, focusing on both short-term stability and long-term decarbonisation. With the new MOU, the structure of the cooperation between Naftogaz and Swedfund in the energy sector is outlined.
- Through feasibility studies and capacity-building efforts in Ukraine, we are laying the foundations for more sustainable infrastructure projects. Supporting Naftogaz in their process of strengthening Ukraine's energy security and the country’s long-term transition to carbon neutrality is an important piece of this puzzle, says Stefan Falk, Director of Project Accelerator at Swedfund.
Swedfund, through its Project Accelerator, can provide grant funding for feasibility studies to advance high-priority projects. This includes modernising heat and power plants to reduce leakage and emissions, increase resilience as well as renewable energy initiatives such as wind power. This can facilitate the transition away from natural gas for power and heat production to other sources.
The Project Accelerator is a facility within Swedfund that supports the development of sustainable projects in OECD/DAC countries and has a strong focus on the energy sector. The Project Accelerator has received earmarked funding from the Swedish Government to support the reconstruction and strengthening of Ukraine’s infrastructure.
Topics
Categories
About Swedfund
Swedfund is Sweden's development finance institution with the mission to contribute to poverty reduction through sustainable investments in developing countries. Our investments in the private sector contribute to a growing number of jobs offering decent working conditions and increases access to essential products and services like electricity and healthcare. Climate and gender are themes that permeates our investment process.
Swedfund invests in energy & climate, financial inclusion and increased access to capital for micro, small and medium-sized companies as well as healthcare and digitalization.
We are part of Swedish development corporation, and we measure and report all our results. As a state-owned company, Swedfund is managed by the Ministry of Enterprise and Innovation. We are financed through reflows from the portfolio and capital injections from the development assistance budget. The return from the portfolio finances our operations and we reinvest reflows from our portfolio in new projects, i.e. we recycle our capital injections.
For more information: please visit www.swedfund.se/en| www.edfi.eu
