Export Development Canada (EDC) and Ukrhydroenergo have signed a Memorandum of Cooperation covering potential Ukrainian hydropower projects and the wider recovery of the country’s energy sector.
The agreement will provide a framework for the organisations to identify projects where Canadian financing, technology, equipment and services could contribute to the restoration and modernisation of Ukraine’s hydropower facilities.
It was signed in Ottawa in the presence of Ukraine’s Minister of Energy Denys Shmyhal, Ukrhydroenergo Deputy Director General for Investment Activities and International Fundraising Maria Bishko, and EDC President and CEO Alison Nankivell.
Under the cooperation, Canadian companies could participate in Ukrhydroenergo projects by supplying equipment, technological solutions and services. EDC may support eligible projects through its financing solutions and international business expertise.
The two organisations will next identify potential projects, consider opportunities for Canadian participation and develop possible implementation models.
“Rebuilding Ukraine’s energy sector will take strong partnerships. This cooperation puts Canadian technology, financing and expertise to work, supporting Ukraine’s hydropower recovery while opening the door for Canadian companies to be part of its long-term reconstruction,” said Canada’s Minister of International Trade Maninder Sidhu.
Nankivell added: “Ukraine’s energy recovery will require strong international partnerships, innovative technologies and access to derisking solutions and capital. This agreement creates an opportunity for Ukrhydroenergo and EDC to explore how Canadian expertise can support potential hydropower projects, while opening doors for Canadian companies to contribute to Ukraine’s reconstruction and long-term energy resilience.”
Bogdan Sukhetskyi, Director General of Ukrhydroenergo, said preparations must begin now for the large-scale recovery of Ukraine’s energy sector.
“We have to start preparing now the solutions that will be required for the large-scale recovery of Ukraine’s energy sector. This involves not only rebuilding what has been destroyed, but also modernizing and developing our facilities. This requires technology, equipment, financing and strong international partners. Cooperation with EDC gives us an opportunity to bring these elements together and begin working on specific projects,” Sukhetskyi said.
