Norwegian and Ukrainian companies have launched a solar power plant in Ukraine
The Norwegian company Norsk Renewables, together with its Ukrainian partner Pro-Energy, has successfully launched and is operating a solar power plant in Ukraine, despite the conditions of martial law. In addition, the partners have fully repaid a €4.35 million loan from the international financial institution NEFCO.
The project began in 2019, when NEFCO provided debt financing, and Norsk Renewables (then Norsk Solar), Pro-Energy, and Windforce Ltd invested an equivalent amount of equity (€4.35 million).
The solar power plant was commissioned at the end of 2019, and sales under the "green" tariff began in the summer of 2020. Ukrainian company Pro-Energy, which owns a 30% stake, was responsible for the development and continues to manage the facility’s operations.
Russia’s full-scale invasion in 2022 created significant risks for the business: ranging from physical danger and destabilization of the power grid to delays in government payments.
However, NEFCO’s pragmatic approach and management’s flexibility allowed operations to continue uninterrupted.
This was reported by the press service of the Nordic Environment Finance Corporation (NEFCO).
The Norwegian Ministry of Foreign Affairs summoned the Russian ambassador for an official meeting and to express a strong protest. The reason for this step was Moscow’s recent statements, which contained direct threats against foreign personnel and diplomatic missions in Ukraine.
In 2025, Russia lost its status as the largest exporter of pipeline natural gas, yielding the top spot to Norway.
