Octopus Energy and DTEK raise $115 Million for Ukraine solar projects

The companies announced on Monday that they are seeking to raise up to 100 solar- and battery-related projects in Ukraine by raising 100 million Euros ($115 million) within the next three year.

DTEK CEO Maxim Timchenko stated that since Russia's invasion of 2022, around 70% Ukraine's thermal power generation capacity has been destroyed. This creates the need for additional power sources.

He said at the Octopus Tech Summit in London, launching the Resilient Independent Solar Energy initiative (RISE).

The scheme will see rooftop solar panels and battery storage systems installed on Ukrainian businesses and institutions.

Timchenko says smaller decentralised energy sites are more resilient than large power plants.

The system will be powered by Octopus Energy Group’s AI-powered Kraken operating system. This will allow the companies to manage their energy consumption and sell back power to the grid when not needed.

The companies stated that they were hoping to receive funding from various sources including private equity firms, energy companies and UK and EU government agencies. However, they did not indicate whether or not they had received any interest.

(source: Reuters)