Norway will allocate €8 million for investment projects in Ukraine
Norway will provide financial support to companies investing in Ukraine. The sum in question is 93 million Norwegian kroner, or around 8 million euros, which will be channelled into pilot projects in the fields of renewable energy and the supply of medicines.
Norwegian Foreign Minister Espen Barth Eide stated that Norad’s business support scheme helps to mitigate risks for companies and expands investment opportunities in a country suffering from war.
According to him, Ukraine’s energy sector suffered significant losses following the full-scale invasion four years ago, and the state itself is actively investing in renewable energy. That is why, as the minister emphasised, Norway considers it natural to support companies willing to invest in this sector. Separate funding will also be provided for one project in the healthcare sector.
For the second year running, Norway is providing support to companies through the Norad business support mechanism. The civilian component of the ‘Nansen’ programme is managed by the Norwegian Agency for Development Cooperation (Norad).
Espen Bart Eide also stated that the need for funding in Ukraine’s energy sector remains high. According to him, the current support covers both the reconstruction and procurement of necessary capacity, as well as measures to make the infrastructure more energy-efficient.
Four companies will receive support under this year’s allocation of funds.
The Ukrainian company DTEK will receive 5.5 million Norwegian kroner over two years to develop a wind energy project with an estimated capacity of 650 MW. This project is expected to play a significant role in modernising Ukraine’s power system, enhancing its resilience and bringing it into line with European Union standards. The wind farm is scheduled to come online in 2028.
The Ukrainian company “Pharmasoft” will receive 6.5 million Norwegian kroner. The funds will be used to create a more flexible supply chain for pharmaceutical products, in particular for a new warehouse that will meet EU standards and industry requirements.
The Norwegian company Malthe Winje will receive 24 million Norwegian kroner to modernise and restore six small hydroelectric power stations that are currently out of operation. It is expected that this will contribute to decentralised renewable energy production within a system that has been severely affected by Russian attacks. The agreement is for a period of two years.
A further 57 million Norwegian kroner will be received by the Norwegian company Fenix Repower AS. The funding is earmarked for the development of a wind farm, which is expected to generate 0.52 TWh of renewable energy annually, strengthen local energy security and support Ukraine’s ‘green’ transition to EU energy standards. This agreement is also for a period of two years.
In addition, preparations are currently underway for two further agreements in the energy sector. These are due to be announced at a later date.
As a reminder, Ukraine has over ten NASAMS systems from Norway and continues to receive them — Zelenskyy
