South Korea to invest in Ukrainian energy sector's recovery

South Korea has provided Ukraine with 10 cargoes of humanitarian aid for the energy sector since the beginning of the full-scale invasion, and is interested in investing into restoring the energy sector. Source: Ministry of Energy of Ukraine In particular, Ukraine has received 20 backup power systems and 5 mini-excavators, which are used, in particular, within the framework of a large-scale repair campaign at energy facilities.

In addition, the Ukrhydroenergo hydropower company and the Korean Water Resources Corporation (K-water) signed a memorandum of cooperation in an experimental project to restore the Kakhovka HPP. The day before, Ukrainian Energy Minister Ukraine Herman Halushchenko held a meeting with the Korean delegation led by Won Hee-ryong, Minister of Land, Infrastructure and Transport of the Republic of Korea. The Korean representatives were shown the aftermath of targeted Russian attacks on energy facilities and the state of Ukraine's energy system.

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During the meeting, the parties confirmed their mutual interest in further cooperation in the field of hydropower and also discussed cooperation in the nuclear industry and the potential for cooperation in the field of renewable energy sources, in particular wind and solar energy. Minister Won Hee-ryong emphasised the interest of Korean engineering and design companies in investing into the restoration of Ukraine's energy sector. The Minister of Trade, Industry and Energy of the Republic of Korea is also scheduled to visit Ukraine soon.

Within the framework of his visit, it is planned to discuss specific cooperation projects on the restoration of the Ukrainian energy sector considering the need to implement mechanisms of decentralisation of generation, as well as systems for accounting and reasonable consumption of electricity in Ukraine.

Background:

The President of South Korea, Yoon Suk Yeol, announced the provision of US£2.3 billion in financial aid to Ukraine for recovery starting in 2025.

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