Polish energy group ELQ has announced plans to invest €2.5–3 billion in the development of Ukraine’s energy infrastructure. The company intends to implement a large-scale portfolio of projects with a total generation capacity of around 2 GW, covering renewable energy, energy storage systems and, in the longer term, small modular nuclear reactors, or SMRs.
The company’s plans were announced by ELQ President Marcin Sołtysiak in an interview with Polish publication Wyborcza.biz. According to him, Ukraine needs the immediate restoration of its energy system, as a significant part of the country’s energy infrastructure has been destroyed or damaged by Russian missile strikes.
“Ukraine cannot afford to wait until the war is over. Energy recovery must take place now, in parallel with hostilities. The country needs new, decentralized and resilient generation capacity,” Sołtysiak said.
ELQ is currently developing projects in Ukraine in solar and wind energy, electricity storage systems and biogas installations. The combined capacity of the facilities being prepared for implementation is expected to reach around 2 GW.
As part of its long-term strategy, the company is also considering participation in the development of small modular reactors in Ukraine. To implement this area, ELQ has signed a cooperation agreement with Czech company Witkowitz, which is developing the relevant technology. According to Polish media, the first reactors of this type may be built near Lviv.
The company notes that the new reactor model is still undergoing certification, but believes that SMR technology could become one of the most promising solutions for the rapid restoration of reliable electricity generation in Ukraine.
ELQ plans to finance its investment programme through its own capital, resources from international financial institutions and private investors, including partners from the United States and Arab countries.
According to Marcin Sołtysiak, the company is currently working with consulting firm Deloitte to develop the optimal financing structure for its entire project portfolio, which is being implemented not only in Ukraine but also in other markets.
ELQ’s investment plans are part of growing interest from foreign companies in the recovery of Ukraine’s energy sector and the development of new generation capacity capable of strengthening the country’s energy security and reducing dependence on centralized infrastructure.
