The largest energy storage facility in Ukraine and one of the biggest in Eastern Europe is being built.
DTEK Secures Record Financing for One of Eastern Europe’s Largest Energy Storage Projects
DTEK – the largest private investor in Ukraine’s energy sector – has reached an agreement with a consortium of Ukrainian banks, led by Oschadbank, for a record-breaking financing deal to build new energy infrastructure. The project, worth approximately 3 billion hryvnias (around €67 million), aims to create one of the largest energy storage systems in Eastern Europe.
The consortium includes Oschadbank, PUMB, and Ukrgasbank. The funding will cover the construction of five energy storage installations with a combined capacity of 180 MW. DTEK’s overall plan includes six storage facilities totaling 200 MW, spread across various regions of Ukraine. The project is set for completion by the end of 2025, with the credit agreement valid until September 25, 2030.
Modern Energy Development Amid War
“Our investments in new energy capacity are both a response to current challenges and a strategic investment in Ukraine’s energy future,” said Maksym Timchenko, CEO of DTEK. “We aim not only to rebuild infrastructure but to create a modern, resilient, and reliable energy system that can serve as the foundation for the country’s economic development.”
Both the banking and energy sectors highlight the importance of working together amid ongoing conflict. “During wartime, the financial sector must remain flexible and support key investments. This agreement proves that public and private banks can unite around the strategic goals of the country,” commented Yuriy Katsion, Deputy Chairman of Oschadbank, responsible for corporate operations.
Investing in Energy Security
Representatives from the participating banks emphasize that supporting the energy sector is not only an act of social responsibility but also a concrete step toward national sovereignty.
“Ukraine’s energy infrastructure is under constant attack. At PUMB, we see supporting new investments as our duty,” said Serhiy Chernenko, CEO of PUMB. “This is more than financing – it’s a real contribution to our country’s resilience and energy independence.”
Rodion Morozov, acting CEO of Ukrgasbank, added: “UGB has long been supporting the transformation of Ukraine’s energy sector. Our involvement in this project is another step toward building a modern, sustainable, and independent energy system.”
Powering 600,000 Households
Once completed, the storage facilities will be capable of supplying electricity to up to 600,000 Ukrainian households. The project is part of a broader strategy to rebuild and expand Ukraine’s energy potential after wartime destruction. It also demonstrates that, despite geopolitical challenges, it is possible to successfully combine private and public capital with technological know-how to execute large-scale infrastructure investments.