28.10.2025
Elementum Energy is a leading international investor in Ukraine’s renewable energy sector, with offices in Kyiv and London.
Elementum Energy manages one of the largest “green” energy portfolios in the country, which includes solar and wind power plants with a total capacity of 636 MW.
The company is actively developing new projects—in particular, it has a portfolio of about 400 MW of future wind farms in energy-deficit regions, as well as a pilot project for an energy storage system operating on the “power arbitrage” principle: storing electricity during low-price periods and releasing it in high-price ranges to increase the return on investment.
As a professional player in the electricity market, Elementum Energy was one of the first in Ukraine to implement a commercial model for selling electricity from renewable sources, developing reliable long-term partnerships and improving solutions for the market.
In 2025, the company became a member of the Energy Club business community. In an interview with the Energy Club’s media department, Natalia Korobenko, Regulatory Affairs Manager at Elementum Energy, spoke about the company’s history and key achievements, the development of new projects in wind energy and storage systems, the first CfD (Contract for Difference) contracts in Ukraine, and the vision for the business community’s role in the recovery and European integration of the Ukrainian energy market.
“Since our founding in 2019, we have focused on the development and operation of solar power plants in Ukraine,” said Ms. Natalia.
“By 2020, over 500 MW of installed capacity had begun commercial generation in six regions of Ukraine. In 2021, we added the Dnistrovska WPP (Wind Power Plant) to our portfolio—our first wind power plant in the Odesa region. Phase I, with a capacity of 40 MW, was commissioned in May 2021, and the launch of Phase II, 60 MW, was scheduled for June 2022. Despite the full-scale invasion of Ukraine, we managed to commission Phase II and begin commercial operations in July 2023. By the end of 2023, our total operational capacity reached 636 MW, and we continue to develop new projects.”
“So, our key milestones are:”
— What market innovations did Elementum Energy introduce in 2025?
— At the beginning of the year, Elementum Energy signed the first CfD (Contract for Difference) in Ukraine between the Dnistrovska WPP and an industrial consumer. This agreement tests a price stabilization mechanism that allows for forecasting expenses, minimizing volatility risks, and increasing trust between producers and consumers. In June 2025, the company signed a second such contract—with the CEMARK group.
Furthermore, we signed the first contract within the electricity guarantees of origin (GO) mechanism, under which Elementum Energy transfers 18,000 units of guarantees of origin, produced from RES, to our business partner D.TRADING.
— What are your goals for the coming years?
— Elementum Energy is focused on the effective management of its existing generation portfolio and the restoration of capacities. Given that Ukraine plans to achieve 27% of its gross final energy consumption from renewable sources by 2030, and a significant portion of this growth must come from wind, we are preparing for the construction of new wind farms and a storage system, as well as exploring various ways to sell low-carbon energy and guarantees of origin.
— We are pleased to welcome Elementum Energy to our energy community. What was the main incentive for your company to join the Energy Club, and what are your expectations for this membership?
— We share the club’s values—market transparency, innovation development, investment attraction, and the integration of Ukraine into the European energy space. We see value in the dialogue between business, the state, and international partners to jointly develop solutions for market stabilization and industry modernization, which is crucial for EU integration.
We expect membership in the Club to become a platform for:
— What problems or challenges facing your company or the industry as a whole do you hope to resolve or mitigate through participation in the Club?
— The renewable energy sector today operates in an environment of high risks—from military to financial and regulatory. Among the main challenges are attracting financing due to uncertainty in electricity sales, lack of military risk insurance, complex logistics for equipment supply, tax policy instability, VAT administration and customs benefits, retrospective rule changes for the worse, and challenges due to the difficult adaptation process to EU regulations.
A separate set of challenges relates to security—both the physical protection of infrastructure and cyber threats.
Furthermore, the energy industry has general problems, such as the issue of debt in the electricity market.
— Ms. Natalia, how does the company plan to actively participate in the Energy Club’s activities?
— We are open and ready for all formats of interaction. Our team has extensive experience and strong expertise; we are ready to share our experience and developments, as well as learn from our colleagues’ experience.
— How do you see the company’s role in building a strong and resilient Ukrainian energy system, particularly through the prism of cooperation in the Energy Club?
— We see Elementum Energy’s role in developing a portfolio of RES projects and implementing modern technological and financial solutions in Ukraine’s electricity market. It is also important to maintain trust in the market—through transparent partnerships and a responsible approach to working in the communities where projects are implemented.
Participation in the Energy Club provides an opportunity to join professional dialogue and the development of approaches that increase the investment attractiveness and sustainability of the industry. The joint work of businesses in this format strengthens the country’s energy security.
— In your opinion, what key joint initiatives could the Energy Club and its members implement to support the recovery and development of Ukrainian energy?
— Among the common priorities is the simplification of permitting procedures for the construction of RES facilities, which will help shorten project implementation timelines and attract new investments. It is also necessary to develop the market for energy storage systems—an important element of energy system flexibility in wartime and post-war recovery.
A separate task is the settlement of debt in the electricity market, which affects liquidity and investor confidence.
It is also worth preparing for the full integration of Ukraine’s market with the EU—harmonizing balancing rules, developing short-term markets, and increasing competition. The Club can become a platform for coordinating these actions.
— What is your vision for the future of the Ukrainian energy market in 5-10 years? What role will Elementum Energy and the Energy Club play in it?
— In the next 5–10 years, the Ukrainian electricity market will develop towards full integration with the European one—with transparent rules and common trading mechanisms. This path will be somewhat complicated by a number of challenges due to the full-scale invasion and shelling of the Ukrainian energy system, which require rapid reconstruction.
It will be necessary to balance between ensuring a sufficient electricity supply for businesses and households, achieving regulatory and EU integration goals, and restoring Ukraine’s investment attractiveness.
Elementum Energy continues to develop RES projects and manage its investment portfolio, which enhances energy resilience and helps Ukraine move closer to the EU’s climate goals.
— Your wishes for Energy Club members and potential partners.
— We wish our colleagues and partners to maintain resilience, professionalism, and trust in our common cause. After all, these are the things that now form the basis for recovery and further growth.
May the Energy Club remain a platform where every company—regardless of scale—can be heard and where the dialogue between business, the state, and international partners lays the foundation for real change.
