Ukraine will have a platform for investments in renewable energy projects
The most active consulting companies on the green energy market of Ukraine - Dentons, CMS Cameron McKenna Nabarro Olswang, EVERLEGAL, Baker Tilly and IKNET have signed a Memorandum of Cooperation. Recently, the companies have announced the establishment of an open online platform for the green projects - GetMarket.
The main goal of the GetMarket platform is to systematise and structure the market of renewable energy projects, which has been showing rapid growth in recent years and is increasingly attracting investors. The task is to provide versatile support to the companies on this market.
As noted by the main initiator of the project, Director of IKNET Yuriy Podolyak, the renewable energy market in Ukraine is at the peak of its development and is rather chaotic at the same time. Investors, especially foreign ones, entering Ukraine, get lost and often come across unscrupulous companies, poor-quality projects, get negative experience and, thus, leave the market. This is not only the money that were not invested into the country, but it also strengthens its investment anti-rating. Even after buying a necessary land or a finished project, a Ukrainian or foreign investor is still at risk of getting involved with unscrupulous companies providing services in this area.
The platform will allow the investors to evaluate and select a project according to the required parameters, find desirable conditions without a paper bureaucracy and find proven performers for different types of works and services. For Ukrainian business, it will allow to sell a project or its part and to find an investor. However, GetMarket will be bigger than a buyer and seller meeting place.
Yuriy Podolyak, Director of IKNET:
“One of our goals is to show to the investors how many companies of different profiles operate in the renewable energy market and what are their key advantages, provide a brief description and rank them according to the main indicators, depending on the efficiency and the number of successful projects.”
The GetMarket platform will be a convenient tool for insurance companies, banking and financial institutions, and consulting structures that directly work on the renewable energy market.
Baker Tilly Sustainable Development Director, Alexander Baskov:
“The combination of key consulting companies will provide a high standard for the project and will help to raise the overall level of the services on the market. Our shared experience will help to choose suppliers, developers and other high-quality contractors. The reputation of our companies is a guarantee of quality services”.
Partner of Energy projects practice at CMS Cameron McKenna Nabarro Olswang, Vitaliy Radchenko:
“Many foreign investors approach us with requests to search and purchase projects with certain characteristics or for recommendations on various contractors and consultants for preparing project design, turnkey construction of power plants, power lines, substations, etc. GetMarket will be a great place to find answers to all these questions”.
Within the organisers’ immediate plans - the compilation and ranking of the market participants databases. Oleksandr Baskov assures that the impartiality of consulting companies and their interest in the transparency of the market will allow to form quality ratings. The priority of filling up the data will start from the solar energy projects - the most popular direction in Ukraine at this time, then wind and biogas projects and biomass. Similarly, in the framework of GetMarket, training seminars, networks-meetings (for which market participants will be invited) will be held in different regions of the country. All this should give an impetus to the development of a civilised renewable energy market, both at the development stage and at the stage of production.
Partner, head of Renewable Energy practice at Everlegal law firm, Andriy Olenyuk:
“For a long time, the renewable energy market needed a platform that would act as a gatekeeper, which take aside unsustainable projects and help investors to focus on those projects that have a prospect of development. GetMarket is supposed to become such a platform”.
Advisor at Dentons International Law Firm, one of the global and Ukrainian leaders in legal support for projects in the field of Renewable Energy, Maxym Sysoyev:
“Thanks to the various options that the platform offers to developers and investors, it will significantly improve the interaction between the market players, will attract international and Ukrainian investors to Ukraine, and through objective ratings will help to select qualitative projects and investors. The platform will help to bring the level of cooperation between the market participants to a new level of quality”.
The organisers seek to engage key financial institutions into cooperation and to work more closely with state institutions and profile associations. They also plan to expand the circle of partners - market participants. At the moment, Raiffeisen Bank Aval, Ukrgasbank and the Association for Renewable Energy are ready to support the idea of the platform.
Initiators report that the GetMarket platform is already running in beta version, the full launch is scheduled for autumn 2019.