Chairman of the Supervisory Board Duncan Nightingale shared these details, highlighting the company’s plans to build around 200 MW of solar and wind capacity over the next two years.
1. Renewable Energy Plans
- 200 MW Target
Ukrnafta aims to bring 200 MW of solar and wind energy online within a two-year window. - Investments and Partners
The company is in discussions with potential investors to secure the financing required for these renewable projects.
2. Collaboration with EBRD
- Gas Generation Projects
As part of an agreement with the EBRD, Ukrnafta is already set to construct around 375 MW of new gas-fired power capacity, funded by both loan financing and grant support worth tens of millions of euros. - Long-Term Strategy
Nightingale underlined that by 2028, Ukrnafta’s plan includes 1 GW of new electricity and heat capacity—encompassing gas, renewables, and energy storage systems.
3. Funding and Investment Approach
- Broad Funding Base
Ukrnafta’s ambition to expand power generation involves attracting funds from existing donors, national and international banks, and private investors. - Main Operations Priority
Nightingale emphasized that core company funds should continue focusing on increasing hydrocarbon production, while energy projects should be financially self-sustaining.
4. Emphasis on Transitional Fuels and Sustainability
- Gas as a Transitional Solution
Under martial law conditions, Nightingale noted the critical role of traditional energy sources—particularly gas—for reliable electricity generation. - Commitment to Sustainability
Ukrnafta sees gas as a stepping stone while it pursues more environmentally responsible technologies in the longer term.
5. Background on Ukrnafta
- Market Presence
Ukrnafta is Ukraine’s largest oil producer and operates the country’s biggest network of filling stations. - Recent Expansion
In March 2024, Ukrnafta acquired asset management of Glusco stations, bringing its total network to 544 gas stations (461 owned, 83 managed). - Ownership and Management
- Majority shareholder: NJSC Naftogaz of Ukraine (50% + 1 share).
- In November 2022, the Headquarters of the Supreme Commander-in-Chief moved shares previously owned by private stakeholders to the state, now managed by the Ministry of Defense.
Full Interview Available
A detailed interview with Chairman Duncan Nightingale—conducted during the Ukrainian House event in Davos—elaborates on these plans and offers further insights into Ukrnafta’s energy strategy and collaborations.
