NOK 93 million for companies investing in Ukraine

News story | Date: 23/03/2026 | Ministry of Foreign Affairs

Ukrainian and Norwegian companies are receiving support for preparatory projects in renewable energy and the supply of medicines. 'Norad's business support scheme helps reduce risks for companies and increases investment opportunities in a war-torn country,' said Minister of Foreign Affairs Espen Barth Eide.

'The energy sector in Ukraine has suffered enormous losses since the full-scale invasion four years ago. Ukraine is pursuing ambitious plans for renewable energy, and it is natural for Norway to contribute by facilitating investments from companies wishing to take part,' he said. In addition to the energy sector, one project within the health sector will also receive support.

For the second consecutive year, Norway is supporting companies through Norad's business support scheme. The civilian component of the Nansen Support Programme is administered by Norad, the Norwegian Agency for Development Cooperation.

'The financing needs in the energy sector are considerable, and we are therefore providing support for reconstruction, procurement of necessary capacity, and measures to improve energy efficiency," Eide said.

The UN estimates that the total cost of reconstruction in Ukraine will amount to USD 588 billion over the next decade. Energy facilities worth approximately NOK 240 billion have been destroyed. Ukraine has lost USD 840 billion due to reduced electricity production, costs related to energy imports, and reliance on emergency solutions.

Record-high support for energy and business development

Since 2022, Norway has provided NOK 13.7 billion in support to Ukraine's energy sector. The support has gone towards reconstruction, gas procurement and measures to improve energy efficiency. Another NOK 2,8 billion is planned for 2026.

Norway is among the largest donors to the energy sector.

'Norwegian support for business development in Ukraine has increased significantly in recent years. This includes war insurance, guarantee schemes, and support intended to strengthen the resilience of Ukrainian businesses. The aim is to enable more companies to invest, create jobs, and contribute to Ukraine's reconstruction," said Minister Eide.

The World Bank estimates that the private sector could contribute up to 40 per cent of Ukraine's reconstruction needs. This requires the right conditions to ensure that such capital can be mobilised, including measures that reduce risk, attract investment, and establish predictable frameworks for companies investing in Ukraine. A well-functioning business sector is crucial for a sustainable and resilient Ukraine.

Ukraine's plan for a greener energy sector

Ukraine has adopted an ambitious National Energy and Climate Plan (NECP) towards 2030. The goal is for 27 per cent of energy consumption to come from renewable sources. This will be achieved in particular through emission reductions, greater diversity in energy sources such as hydropower and wind power, and modernisation. The country's long-term energy strategy towards 2050 includes further steps towards carbon neutrality, grid upgrades, and gradual integration with the European power system, in which wind power will play a key role.

The companies receive support through the Nansen Support Programme's business support scheme. Some agreements run for one year, while others extend over several years.

Companies receiving support in this year's allocation from Norad:

• DTEK Renewables (Ukraine): Awarded NOK 5.5 million over two years for the development of a wind power project with an estimated capacity of 650 MW. The project is central to modernising Ukraine's energy system, strengthening resilience, and aligning with EU standards. The wind farm is scheduled for completion in 2028.
• Farmasoft (Ukraine): Receives NOK 6.5 million to develop a more responsive supply chain for pharmaceuticals, including a new warehouse meeting EU standards and industry requirements.
• Malthe Winje (Norway): Granted NOK 24 million to upgrade and rehabilitate six small hydropower plants currently out of operation. This will contribute to decentralised and renewable energy production in a system heavily affected by Russian attacks. The agreement runs for two years.
• Fenix Repower AS (Norway): Receives NOK 57 million to develop a wind power plant expected to generate 0.52 TWh of renewable energy annually, strengthen local energy security, and support Ukraine's green transition in line with EU energy standards. The agreement runs for two years.

In addition, work is under way on two new agreements within the energy sector , which will be announced at a later date.