Ukrnafta to get $20.6M from Finnish fund for 60 MW of gas power
What's the deal? Ukraine's state-owned oil and gas company UkrnaftaDealroom has a profile for this one. Try Dealroom → will receive nearly UAH 939 million (around $20.6 million) from the Finnish-Ukrainian Investment Fund to build four distributed gas-fired power generation facilities in western Ukraine. The money will fund equipment purchases, installation, testing, and commissioning.
What's the endgame? The projects involve gas reciprocating engine power plants with a combined capacity of about 60 MW across the Ivano-Frankivsk and Lviv regions. "This represents about 60 MW of additional capacity for our power grid," said Energy Minister Denys Shmyhal.
Why now? The financing aims to expand distributed generation and strengthen the resilience of Ukraine's electricity system amid ongoing risks to its energy infrastructure.
How it works: The funds are concessional loans raised for Ukraine's state budget under a framework agreement between Ukraine and Finland, signed in November 2024 and ratified by the Verkhovna Rada in February 2025. The deal requires a grant component of at least 35% of total project cost, securing preferential terms.
Ukrnafta is Ukraine's largest oil and gas producer and operator of the country's biggest fuel station network, spanning exploration, production, oilfield services, drilling, and retail.
The signal: In 2026, the Finnish-Ukrainian Investment Fund plans to finance projects worth €61.6 million through its Single Project Portfolio mechanism. The Ukrnafta deal shows how foreign concessional capital is backing decentralised power as Ukraine shores up its energy security.
Read more: inventure.com.ua
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