Matteo Patrone, Vice President of the European Bank for Reconstruction and Development (EBRD), speaking at Ukraine House in Davos during the World Economic Forum (WEF), stated that since the start of Russia’s full-scale war, the bank has invested €9.2 billion in 25 projects in Ukraine, with energy being the most important sector.
“Since the start of the large-scale war, we have invested €9.2 billion in 25 projects, but the most important sector was energy—€3 billion in projects,” Patrone said.
He noted that the reconstruction of Ukraine’s energy sector will largely be a task for the private sector; however, in the event the war continues, the public sector will play an important role. In this context, the EBRD is focusing on cooperation with Ukrenergo, the electricity transmission operator, which is under constant attack from Russian missiles and drones.
Patrone reported that the EBRD, together with the Norwegian government, invested €1 billion to support Ukrenergo and is also cooperating with the Italian government in this effort.
Other areas of cooperation include working with Ukrnafta and Ukrzaliznytsia on generator support and electricity distribution, as well as collaboration with the International Finance Corporation (IFC) and Naftogaz Ukraine on bioethanol and electricity generation projects.
Additionally, Patrone highlighted the Power One project, which provides generators and battery storage systems, and the development of a private-sector solar generation portfolio using solar panels. Through the financial sector, €70 million is allocated for small businesses and individuals wishing to install rooftop solar panels.
Together with the World Bank, the EBRD is developing a platform to ensure predictability, including for the tariff system. The bank is also working closely with the Energy Community Secretariat to develop policies for proper market regulation and the development of an auction mechanism.
Regarding nuclear energy, Patrone emphasized that the EBRD has traditionally addressed energy security including the nuclear sector. He recalled that the Chernobyl Shelter (“Ukryttia”) project was implemented on behalf of the international community and was damaged by a drone strike in February 2025. The EBRD is working with the International Energy Agency to mitigate the effects, stressing that time is critical to prevent corrosion of the system from causing irreversible damage.
