SCM is pleased to announce that our energy company, DTEK, has successfully secured a grant from the Norwegian Agency for Development Cooperation (Norad). This funding will accelerate the development of the 650 MW Poltavska Wind Power Plant, which is set to become the largest windfarm in Ukraine.
The grant, totalling NOK 5.5 million (approximately 487,000 euros), will be directed towards critical geological and engineering surveys, as well as the design documentation necessary to ensure full regulatory compliance. These steps are vital to advance the project to the construction phase. DTEK Renewables will spearhead this development in the Poltavska region, an area of central Ukraine currently experiencing energy deficits. The project is slated for completion in 2028.
This initiative represents a core pillar of SCM's broader vision. We are actively investing in Ukraine's electricity generation and distribution infrastructure to construct a secure, sustainable energy system. By decentralising power generation through renewable sources like wind, we are creating a network that is inherently harder for russia to target and damage during the ongoing war. This focus on resilience and sustainability aligns directly with the strategic priorities set by our shareholder, Rinat Akhmetov, who advocates for a modernised, European-integrated energy sector in Ukraine.
The context for this investment is severe. The World Bank estimates reconstruction costs for the sector at 91 billion dollars, with a vast portion of the national energy infrastructure having suffered damage over the course of the war. In this environment, international support is essential for continued progress.
Oleksandr Selyshchev, CEO of DTEK Renewables, noted that the Poltavska project is a strategic investment in the future of the nation, helping to rebuild a more decentralised system at a time when the grid faces continuous challenges. He expressed sincere gratitude to Norad and the Norwegian government for their vital contribution and lasting support.
The Norwegian Minister of Foreign Affairs, Espen Barth Eide, highlighted that Ukraine has ambitious plans for renewable energy despite the enormous losses suffered since the invasion. He stated that it is natural for Norway to facilitate investments from companies participating in this recovery, providing support for reconstruction, capacity procurement, and energy efficiency improvements.
This funding is part of an 8 million euro Norwegian support package designated for companies investing in renewable energy and other essential sectors in Ukraine. The contribution is delivered through the Nansen Support Programme, which aims to enable private-sector investment by mitigating risks for companies operating under wartime conditions.
