Ukraine Seeks $91 Billion for Energy in Canada

Ukraine's long-term energy needs amount to at least $91 billion. The country plans to attract Canadian private capital for restoration and new generation, simplifying procedures for investors and announcing new tenders for capacity construction. This was reported by Energy Minister Denis Shmyhal. Investment project issues were discussed at a meeting with Canadian entrepreneurs with the participation of President Volodymyr Zelensky. In February, Ukraine and Canada signed a memorandum on strategic cooperation in the energy sector, aimed at attracting investments in joint energy projects. Ukraine has reduced the time for issuing technical conditions for connection from 10 to 2 days and decreased the number of required documents from 7 to 2. Three levels of project financing for new energy have also been introduced. The government is conducting a competition for the construction of 1.5 GW of new flexible generation, and the volume of auction support for new energy projects in 2026 has been increased more than threefold to 1 GW. Shmyhal noted that Ukraine intends to combine the needs for new energy equipment and capital with Canadian technologies and financial instruments. Canada has also announced new funding for Ukrainian energy, allocating about $548 million for gas purchases and winter preparations.

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