18.02.2026
As a result of massive attacks on the energy system, Ukraine is facing an acute power deficit. Today, average consumers often receive electricity according to strict schedules, indicating a critical shortage of not only base-load but also flexible (maneuvering) generation.
To find effective mechanisms for solving this problem, Energy Club brought together representatives from the main transmission system operator (TSO), NPC Ukrenergo, and top managers from Ukraine’s leading banks (Raiffeisen Bank, Oschadbank, Ukreximbank). The primary goal of the meeting was to provide businesses with a clear guide: how to transform their own generating capacities from “emergency backup” into a stable source of income and where to secure the necessary financing.
Oleksandr Martyniuk, Head of the Strategic Planning and Analytics Department at NPC Ukrenergo, detailed the current market situation. According to him, the state currently requires at least 1.4 GW of new maneuvering generation, with a strategic goal of 4 GW of distributed generation by 2030.
However, investors face several obstacles: from war risks to economic uncertainty. One of the main market issues remains massive debt.
“Debt in the balancing market currently exceeds UAH 40 billion and continues to grow by approximately one billion per month. This leads to producers receiving payments for supplied energy with a 16-month lag. The natural way to avoid this is through active electricity sales on other market segments—via bilateral agreements or the Day-Ahead Market (DAM),” emphasized Oleksandr Martyniuk.
To stimulate investment, the state and Ukrenergo are implementing several support mechanisms:
Special Auctions for Ancillary Services: These have already attracted over 700 MW of new capacity (primarily Battery Energy Storage Systems — BESS). About 400 MW are already operational, covering 100% of the requirement for Frequency Containment Reserves (FCR).
Auctions for New Generation Construction (under Art. 29 of the Law on the Electricity Market): Currently, 7 winners for 316 MW (mostly gas generation from 8 to 80 MW) have been identified. An update to the support model is being prepared—a transition to the Feed-in Premium mechanism.
New “Green” Auctions: On February 10, 2026, Parliament passed Bill No. 13219, which restarts these auctions under an improved market premium model and introduces mandatory BESS installation for solar plants.
“The updated model ensures that producers sell energy on the market, and if the price falls below the auction price, NPC Ukrenergo compensates the difference (Feed-in Premium). This provides banks and investors with predictable revenue and significantly reduces price volatility risks,” explained the Ukrenergo representative.
Liana Arzumanyan, Head of Business Banking Client Support Projects at Raiffeisen Bank, shared analytics regarding the needs of small and medium-sized enterprises (SMEs) with revenues up to UAH 260 million. According to her, 2026 has seen dramatic shifts compared to the initial blackouts of 2022-2023.
“We are seeing a dramatic change. Businesses need fast, less complex solutions that do not require highly specialized experts. We are recording a sharp increase in client expenses and a decrease in business margins. Therefore, interest-free lending is generating the most interest,” noted Liana Arzumanyan.
Bank Offers for SMEs:
Interest-Free Loans (0.01% p.a.): A program with a EUR 1 million budget for the most affected regions (Kyiv, Odesa, Kharkiv, Zaporizhzhia, Chernihiv). Loans up to UAH 400,000 for 12 months are issued without collateral.
“5-7-9%” State Program: The bank is currently reviewing 47 applications totaling UAH 110 million for gas-piston units and solar power plants.
“SvitloDim” (LightHome) Program for Condominiums (OSBB): 52 special accounts have already been opened for residential buildings to purchase generators and other energy solutions.
Yevhen Miachyn, Director of the Corporate Business Development & Support Department at Oschadbank, provided impressive figures: the bank provides approximately one-quarter of all bank financing for the energy sector in the country.
“Oschadbank’s financing for energy projects has reached UAH 8 billion. In terms of capacity, we have financed over 487 MW—36% of the total volume reported by the NBU. Our current pipeline exceeds 350 MW, with the lion’s share consisting of Battery Energy Storage Systems (BESS),” emphasized Yevhen Miachyn.
Key Lending Areas from Oschadbank:
Large Industrial BESS: The bank financed the largest energy storage units in Ukraine, including 40 MW for the KNESS Group (using EBRD risk-sharing tools) and 180 MW for DTEK (syndicated loan).
SPV (Special Purpose Vehicle) Financing: Oschadbank provides project financing to Special Purpose Vehicles (SPVs), focusing on the quality of the business plan, projected cash flows, and the availability of future contracts, including those with Ukrenergo. The minimum equity contribution required from the investor is 30%. The financing term is up to 8 years. Final terms will depend on project parameters and economics.
Community Projects (District Heating): A joint program with the European Investment Bank (EIB) that allows for the financing of communities for a term of 10 to 15 years. For frontline communities, a grant component is provided, which significantly reduces the burden on local budgets.
Roman Lukianchuk, Head of the Industry and Energy Department at Ukreximbank, highlighted the shift in the modern energy investor profile. Energy is no longer just a sector-specific business.
“We see a trend where large and medium businesses have realized that their own generation is a matter of survival. Non-core players—telecom operators, agribusinesses—who have excess liquidity are entering energy. They join these projects both for Business Continuity and because it has become economically viable,” said Roman Lukianchuk.
Ukreximbank Strategy and Criteria:
Terms and Flexibility: For wind farms, the bank provides loans up to 8 years with a grace period of up to 18 months for the construction period.
Focus on Resilience (Hybrid Models): The bank finds hybrid systems most attractive—combining gas-piston units with BESS or solar plants with BESS. Such models allow for the most accurate cash flow forecasting.
Call to the Regulator: The bank representative urged NEURC and state authorities to actively involve the banking sector in developing legislative initiatives to ensure predictability.
