The Norwegian government will allocate 93 million Norwegian kroner (over €8.4 million) to support domestic and Ukrainian companies working on preparatory projects in renewable energy and pharmaceutical supply.
This is stated in a press release by the Norwegian government.
“Norad’s business support scheme helps reduce risks for companies and increases investment opportunities in a war-torn country,” said Norwegian Foreign Minister Espen Barth Eide.
He noted that Ukraine’s energy sector has suffered significant losses since the start of Russia’s full-scale invasion.
“Ukraine is pursuing ambitious plans for renewable energy, and it is natural for Norway to contribute by facilitating investments from companies wishing to take part,” Eide added.
He also emphasized that financing needs in the energy sector are substantial, which is why Norway is supporting recovery efforts, procurement of necessary capacity, and energy efficiency measures.
A healthcare project will also receive financial support.
Companies will receive funding under the Nansen Support Programme for business support. Some agreements will be concluded for one year, while others will run for several years.
In particular, DTEK (Ukraine) will receive 5.5 million Norwegian kroner (over €498,000) over two years to implement a wind energy project with a projected capacity of 650 MW, with the wind farm expected to be completed in 2028.
Farmasoft (Ukraine) will receive 6.5 million Norwegian kroner (around €589,000) to create a more efficient pharmaceutical supply chain, including the construction of a new warehouse that meets EU standards and industry requirements.
Malthe Winje (Norway) will be allocated 24 million Norwegian kroner (€2.1 million) to modernize and restore six non-operational small hydropower plants over two years.
Fenix Repower AS (Norway) will receive 57 million Norwegian kroner (€5.1 million) to build a wind power plant that will generate 0.52 TWh of renewable energy annually and support Ukraine’s green transition in line with EU energy standards. The agreement with Fenix Repower AS will last for two years.
In addition, work is ongoing on two new agreements in the energy sector, which will be announced later, the press release states.
