**Britain’s Octopus Energy Group and Ukrainian Company DTEK to Raise $115 Million for Solar and Battery Projects**
In a move aimed at helping Ukraine rebuild its energy infrastructure, Britain’s Octopus Energy Group and the Ukrainian company DTEK have announced plans to raise 100 million euros (approximately $115 million) over the next three years. The funds will be used to support up to 100 solar and battery projects across the country.
The decision to invest in renewable energy sources comes as a response to the significant damage caused by Russia’s invasion of Ukraine in 2022. According to Maxim Timchenko, CEO of DTEK, around 70% of Ukraine’s thermal generation capacity was destroyed during this period, highlighting the need for more sustainable and reliable power sources.
“We’re launching the Resilient Independent Solar Energy initiative, known as RISE,” said Timchenko at the Octopus Tech summit in London. “This is about building back better.” Under this scheme, rooftop solar panels and battery storage systems will be deployed on Ukrainian business and public sector institutions. The systems will utilize Octopus Energy Group’s AI-powered operating system, Kraken, which will help manage energy use and enable power to be sold back to the grid when not needed.
**Decentralized Energy Projects: A Key Part of Ukraine’s Recovery**
The initiative places a strong emphasis on decentralized energy projects, with Timchenko arguing that smaller, community-based schemes are more resilient than large power generation sites. This approach aligns with efforts to create a more sustainable and independent energy infrastructure in Ukraine.
“The companies hope to attract finance from a mix of sources,” the article notes, “including private equity, energy companies, UK and EU government agencies.” However, it remains unclear whether interest has been received from these potential investors.
**A Step Towards Energy Sustainability**
This development is significant, not only for Ukraine’s energy landscape but also for the broader global context. As countries continue to seek innovative solutions to meet their growing energy demands while reducing carbon emissions, decentralized renewable energy projects like those proposed by Octopus Energy Group and DTEK offer a promising path forward.
The partnership between these two companies underscores the importance of international collaboration in addressing global challenges such as climate change. By pooling resources and expertise, they can make significant strides towards a more sustainable future.
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