Octopus and DTEK launch landmark Ukraine renewables programme

Pact will bring solar and storage to public and private sector buildings across Ukraine

Octopus Energy has unveiled a first-of-its-kind initiative to accelerate the roll-out of rooftop solar and battery storage systems across the public and private sector in Ukraine.

Announced at the Octopus Energy Tech Summit in London, RISE (Resilient Independent Solar Energy) sees Octopus partner with Ukrainian energy company DTEK.

Since the Russian invasion of Ukraine in 2022, thermal power plants have been repeatedly targeted, with around 70% of capacity either damaged, destroyed or seized.

This has been an urgent challenge to rebuild, yet DTEK chief executive Maxim Timcheko says it is also an opportunity “to accelerate the shift to a decentralised, renewable energy system”.

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Octopus and DTEK aim to raise €100 million to finance 100 onsite energy projects over the next three years to stabilise Ukraine’s grid and cut electricity costs.

Installing Ukraine renewables

The solar and battery systems will be installed directly on businesses and institutions by D.Solutions, DTEK’s subsidiary which offers energy supply and energy efficiency services under its retail brand YASNO.

The systems will use the Octopus Energy’s Kraken operating system to optimise and manage energy use in real time, reduce consumption during peak hours, and sell surplus electricity back to the grid.

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Timchenko said: “By combining investment, technology and international support, we can help Ukrainian businesses and communities take control of their energy needs and lay the foundation for lasting energy independence.”

Speaking at the Tech Summit today, he added that "building a decentralised, renewable energy system is best for out energy security".

And he urged energy companies and financiers to "not see Ukraine as a war zone: it's a country with huge potential for investment. Maybe not now, but soon... in one year."

Ukraine resilience

Octopus founder and chief executive Greg Jackson said Ukraine – and specifically DTEK – has “demonstrated incredible resilience and agility in the face of unprecedented destruction to its energy system”.

“They are rebuilding at pace and pioneering a decentralised, smart energy system powered by homegrown renewables.”

Jackson told the Tech Summit audience how he had first met Timchenko at Enlit Europe in Frankfurt in 2022, and was so impressed by his resilience that he was galvanized to help Ukraine.

Last year at Enlit Europe, Kraken hosted a charity dinner to raise money for the Organisation Energy Act for Ukraine, which began installing solar and storage projects at schools and hospitals soon after the Russian invasion.

Jackson said that once the war is over, "Ukraine will have the most modern, resilient energy system, and the people that built it will be the best in the world."

He said there was a track record of countries "growing back incredibly strongly" after war, and highlighted South Korea and Germany, and added that Ukraine will join their ranks.

"Ukraine stands to be the country we should be investing in because it is going to be the best in energy."

Jackson and Timchenko were joined on stage by UK Energy Minister Michael Shanks, who said that "Ukraine shows us that a continued reliance on fossil fuels is a weakness for the UK".

For the first time, Octopus has chosen to hold its Tech Summit as part of London Climate Action Week, which kicked off today with more than 700 events taking place across the capital.

Speakers include the Mayor of London Sadiq Khan, UN Secretary General, António Guterres, and UK Secretary of State Ed Miliband and it is pushing the message, ‘Don’t tell me climate action isn’t happening’.

Sadiq Khan said the week “provides a platform to showcase our capital as a global climate leader".

“We are proud to be part of the largest city-wide climate event in Europe."

He said climate action "is already happening because it’s what most people, companies and politicians want. Clean energy is getting cheaper and will bring down bills and increase our energy security, more high paying jobs are being created in clean industries than in fossil fuels, futureproofing our economy, and cities are becoming cleaner and healthier places for communities to live.

"Climate action is about making life better and safer for all of us."

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