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Ukrainian energy giant to build $115 million solar program with British partner

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Ukrainian energy giant to build $115 million solar program with British partner
Illustrative purposes only: Electricians of the DTEK energy company restoring damaged power grid in Donetsk Oblast on July 23, 2024. (Anatolii Stepanov/AFP via Getty Images)

Ukraine's largest private energy company DTEK and British clean energy group Octopus Energy have launched a program to install rooftop solar panels and battery storage systems at Ukrainian businesses and public institutions, DTEK said in a press release on June 23.

The program, called RISE (Resilient Independent Solar Energy), was announced at Octopus Energy's Tech Summit in London and aims to raise 100 million euros ($115 million) to finance 100 energy projects over three years, helping stabilize the grid, lower electricity costs and protect customers from outages, the company said.

DTEK’s facilities have been repeatedly targeted since the start of Russia’s full-scale invasion as Moscow sought to cripple Ukraine's energy infrastructure. The company was forced to shut down its gas production facilities in Poltava Oblast in March.

"About 70% of Ukraine's thermal generation capacity has been damaged, destroyed or seized since the full-scale invasion," said DTEK CEO Maksym Timchenko in the press release.

“This has created not only an urgent need to rebuild but also an opportunity to accelerate the shift to a decentralized, renewable energy system,” he added.

The alternative energy systems will be installed by D.Solutions, DTEK's business unit operating under the Yasno retail brand.

Installed equipment will run on Octopus Energy's AI-powered Kraken operating system, enabling businesses to optimize energy use in real time, reduce consumption during peak hours and sell surplus electricity back to the grid.

"They (DTEK) are rebuilding at pace and pioneering a decentralized, smart energy system powered by homegrown renewables," said Greg Jackson, Octopus Energy Group founder and CEO.

According to DTEK, Ukraine's commercial and industrial energy market has an untapped potential of 300 megawatts annually, valued at 200 million euros ($229 million). DTEK's Yasno brand serves over 60,000 business customers and can generate projects worth 30 million euros per year.

DTEK previously announced plans to build one of Europe's largest energy storage facilities with six installations across the country, totaling 200 megawatts to power 600,000 households. The company secured a $72 million loan from three Ukrainian banks.

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Yana Prots

Newsroom Intern

Yana Prots is an intern on the business desk of the Kyiv Independent. She previously worked as a journalist at the NGO Center of United Actions and as a social media editor at Hromadske media. Yana holds a bachelor’s degree in journalism from the Taras Shevchenko National University of Kyiv and completed a year as an exchange student at the University of Zurich. Now, she is pursuing a master’s degree in International Finance and Investment at the Taras Shevchenko National University of Kyiv.

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