Ukraine and the UK agree on creation of Energy Innovation Fund for G£62 million

The United Kingdom and Ukraine have signed a memorandum on energy partnership and the creation of an Energy Recovery Fund in the amount of GBP62 million. Source: Ministry of Energy of Ukraine on Telegram Quote: "Together with Leo Docherty, the Minister of State for European Affairs at the UK Foreign and Commonwealth Office, we signed the Memorandum on Energy Partnership between our countries.

The InnovateUkraine Innovation Fund will be created, in the amount of GBP62 million," the message reads.

It is noted that the main goal is to strengthen energy security. The initial contribution will be GBP10 million, with the rest to be channelled in instalments until 2025. The funds will go to energy innovation projects so as to accelerate the process of reconstruction and restoration of Ukraine's energy infrastructure, the ministry added.

According to the memorandum, the UK will support the Ministry of Energy within the framework of the new Clean Energy Partnership and will continue to support the Ukrainian Resilience and Energy Security programme (URES). This includes technical cooperation, official development assistance grants, and trade and investment facilitation in areas such as small modular nuclear power plants, green hydrogen and other renewable gases, solar micro/mini-grids, solar systems for small households, energy efficiency, onshore and offshore wind energy, development of the carbon market and others.

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An agreement between the UK and IFC on financing Ukraine's energy security programmes in the amount of US£30 million was also signed.

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