Ukraine joins International Renewable Energy Agency

Ukraine became a full-fledged member of the International Renewable Energy Agency (IRENA) on February 25, which provides Ukrainian companies with access to advanced alternative energy and energy saving technologies, as well as to loans at low rates.

Read alsoAlmost US$500 mln to be invested in Ukraine's alternative energy in 2018"We have become the 155th member state of IRENA. Together with the international community we will follow the global trend of energy decentralization and the development of renewable energy in favor of Ukraine," head of Ukraine's State Agency for Energy Efficiency and Energy Serhiy Savchuk commented on the membership on February 26.

As UNIAN reported earlier, the Verkhovna Rada, Ukraine's parliament, approved the country's accession to the International Agency for Renewable Energy in early November 2017.

Read alsoUkraine doubles commissioning of renewable energy facilitiesIn late December 2017, Ukrainian President Petro Poroshenko signed the law on accession to IRENA. In the middle of January 2018, Ukraine submitted the required documents to the Agency.

UNIAN memo. The International Renewable Energy Agency was established in 2011. Its main aim is to support countries in their transition to the sustainable use of renewable energy on a global scale. With more than 170 member states actively engaged, IRENA promotes renewable resources and technologies as the key to a sustainable future and helps countries achieve their renewable energy potential.

IRENA's membership will allow Ukraine to apply to the Abu Dhabi Fund for Development (ADFD) for obtaining loans at low rates to implement "green" projects. Now the fund's budget totals $350 million, while loans are provided on a competitive basis at 1%-2% interest rates for up to 20 years, including a five-year grace period, subject to co-financing at 50/50. Ukraine is expected to have access to all the information of IRENA as for the use of renewable energy sources, latest research papers and best practices, as well as progressive mechanisms for financing the development of alternative energy.