14:35 03.07.2020

U.S. Congress members urge Zelensky to maintain consensus dialogue with RES investors

2 min read
U.S. Congress members urge Zelensky to maintain consensus dialogue with RES investors

U.S. Congress representatives called on President of Ukraine Volodymyr Zelensky to restructure legislation on support for renewable energy based on consensus with investors.

"We ask you to continue supporting this consensus approach in negotiations with both solar and wind generation investors and industry in the decision-making process to restructure the legislation that served as the basis for their investments," reads a letter to the president of Ukraine from US Congress members, Marcy Kaptur and Mike Quigley, dated July 2, published on the website of American-Ukrainian Business Council (USUBC).

According to the text of the letter, companies in the United States and other countries, investing in renewable energy industry on the basis of legislation that is currently undergoing restructuring, expected the following governments to adhere to the laws adopted by their predecessors.

"Supporting the integrity of this approach [in negotiations with investors] would be recognized as a significant achievement and would strengthen the authority of Ukraine in attracting further foreign direct investment in its energy sector and other sectors of the economy," the letter said.

At the same time, congress members noted the importance of involving the Secretariat of the Energy Community in negotiations with investors.

Kaptur and Quigley noted that the European Bank for Reconstruction and Development, in which the United States is a leading shareholder, has provided or approved $0.6 billion in financing for renewable energy projects, while the International Finance Corporation has invested $0.4 billion in financing and political insurance of wind energy project risks.

In addition, they provided examples of private American capital investment in renewable energy sector, in particular, GE Wind Energy, which supplies wind turbines of total production capacity of 275 MW to Ukraine.

"We hope to cooperate with Ukraine to expand investment opportunities in leading energy sectors, including solar and wind energy, biofuels, hydropower and geothermal energy," the congress members said.

As reported, the Verkhovna Rada included on the current session agenda the bill No. 3658 "On amendments to some laws of Ukraine regarding the improvement of conditions for supporting electric energy production from alternative energy sources" which provides, in particular, a reduction in the "green" tariff for solar and wind power stations. The draft law was developed on the basis of the Memorandum concluded between the government and representatives of the renewable energy industry as part of the mediation of the European Energy Community.

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