A significant increase in lending by Ukrainian banks to electricity generation, which from February to September 2026 grew by almost 1.5 times in terms of capacity and 1.7 times in terms of financing, indicates that energy projects are moving beyond emergency crisis-response measures and becoming full-fledged investment projects, RSE Group Ukraine Director Hanna Pozdniakova believes.
“This trend points to an important change. Energy projects are gradually moving from the category of urgent crisis-response spending to the category of full-fledged investments. Banks are already prepared to finance generation, energy storage and modernization of the heating sector,” Pozdniakova wrote in her column for Interfax-Ukraine.
She cited National Bank of Ukraine data showing that as of early September 2026, Ukrainian banks had financed 2 GW of generating capacity worth UAH 63.3 billion, compared with 1.37 GW worth UAH 36.6 billion in February. In addition, as of early September, banks had financed 895 MW of energy storage and heat generation projects.
Pozdniakova noted that more than 2 GW of financed generation indicates that “the Ukrainian energy market is maturing.”
“Banks have learned to work with such assets, the regulator has created additional conditions for this, and businesses have gained more financial instruments,” the RSE Group Ukraine director said.
At the same time, she said banks impose high requirements on energy projects because they “finance not the installation itself, but the logic according to which the installation will generate an economic return and repay the invested funds.”
According to Pozdniakova, projects need to have predictable cash flows, secure fuel supplies, properly utilize the energy produced and be capable of operating reliably for years.
She advised businesses meeting with banks to provide, among other things, an hourly profile of electricity, heat and, where necessary, cooling consumption for at least the past 12 months, a description of critical loads and acceptable downtime, as well as a feasibility study with several scenarios for electricity, fuel and heat prices.
She also said it was important to have confirmation of connection conditions for electricity, gas and heat infrastructure, a realistic budget, a construction schedule and a plan for commissioning the facility. In wartime conditions, an insurance, physical protection and post-damage recovery plan is also essential, she said.
RSE s.r.o. is an international engineering company with its own production facility in Brno, Czech Republic, specializing in energy resilience and decentralization solutions. The company provides a full range of turnkey services, from modular cogeneration plants and mobile power plants to industrial heat pumps with a COP of up to 8 and battery energy storage systems (BESS).
