"Tenders for the core equipment were wrapped up last year. Initially, the company plans to provide auxiliary services for the Ukrainian energy system and balance it. The expected payback period is seven years," he said.
Antonov said the group planned to build energy storage facilities with total capacity of 40 MW. "We intend to roll out another energy storage project which should have the same capacity as the first project - 20 MW. These plans still stand for now, but everything will depend on the operational results and the speed of first-stage licensing," he said.
OKKO CEO Vasily Danilyak said in March last year that the group was planning renewable energy projects. Later he said OKKO had started to buy commercial solar power plants and plans to build 40 MW of energy storage capacity. Danilyak explained the company's plans for work in the renewable energy sector, including interest in wind generation, by the need to diversify the business, since the fuel market no longer envisaged growth.
OKKO Group includes more than 10 diversified businesses in the field of production, trade, construction, insurance, service and other services. The group's flagship company Galnaftogaz Concern, which operates one of Ukraine's largest networks of filling stations - around 400 of them - under the OKKO brand.
The majority shareholder is Vitaly Antonov. Minority shareholders include the European Bank for Reconstruction and Development.
