New online platform for renewable energy investment coming to Ukraine
Kyiv, June XX, 2019 - Five legal and consulting firms, active in the green energy market of Ukraine - Dentons, CMS Cameron McKenna Nabarro Olswang, Everlegal, Baker Tilly and IKNET have signed a Memorandum of Cooperation to create an open online platform for green projects, GetMarket. The GetMarket platform is already running in beta, with the full launch scheduled for the autumn of 2019.
The goal of the GetMarket platform is to provide greater visibility and transparency to Ukraine’s growing renewable energy projects market, while also supporting market players and the growing number of foreign investors. The renewables sector in Ukraine is developing very quickly, but there is still a great deal of uncertainty in the market and a risk that investors could fall into the hands of unscrupulous companies or get involved in poor-quality projects.
The platform will be a convenient tool for insurance companies, banking and financial institutions, and consulting firms that operate in the renewable energy market. It will allow investors to search for investment opportunities without excessive bureaucracy, compare renewable energy projects according to chosen parameters, and find potential partners and suppliers. For Ukrainian businesses, GetMarket provides an opportunity to find investors and sell their projects.
In advance of the autumn launch, the founders will develop the database of market participants and establish unbiased and transparent rating criteria. Data collection will start with solar projects - the most active segment of Ukrainian market at this time - and will then progress to wind, biomass, and biogas projects. They will also engage with key financial institutions, state institutions, business associations, and market participants to ensure a balanced perspective on the sector.
In addition to the online platform, the GetMarket project will also include training seminars and networking meetings with market participants in different regions of the country.
Andriy Olenyuk, Partner, Head of the Renewable Energy Practice at the Everlegal law firm:
“The RES market has long needed a platform that would act as a gatekeeper, that is, it could sift unsustainable projects and help investors focus on those projects that have a high prospect of development. GetMarket should become such a platform”.
Yuriy Podolyak, Director at IKNET:
“One of our goals is to show investors how many companies of different profiles operate in the renewable energy market, what their key advantages are, to provide brief descriptions and rank them according to the key indicators of efficiency and successful projects.”
Olexandr Baskov, Head of Sustainability Services Department at Baker Tilly:
“The combination of key consulting companies will set a high standard for the project and will help raise the overall level of the services in the market. Our shared experience will help pick suppliers, developers and other high quality contractors. The reputation of our companies is a guarantee of quality”.
Vitaliy Radchenko, Partner and Head of Energy & Projects at CMS Cameron McKenna Nabarro Olswang:
“Many foreign investors are asking us to search and purchase projects with certain features or recommendations for various contractors and consultants for design, turnkey construction of power plants, power lines, substations, etc. GetMarket will be a great place to find answers to all these questions”.
Maxym Sysoyev, Counsel at the international law firm Dentons, which is one of the global and Ukrainian leaders in legal support for RE projects:
“Thanks to the wide range of options that the platform offers to developers and investors, it will significantly improve the interaction between market players, will attract international and Ukrainian investors to Ukraine, and, in particular, through objective ratings will help to select quality projects and investors. The platform will help to bring the level of cooperation between market participants to a new level of quality”.