REUTERS
More than EUR 8 billion has been invested in renewable energy projects over the past few years.
Representative of a renewable energy enterprise, adviser on work with foreign companies at EDS-Engineering LLC Serhiy Green says the intention to retroactively reduce feed-in tariffs, which is being discussed in Ukraine's parliament and the government, has already affected investors.
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According to the expert, the companies suspend renewable energy projects, while many of them are in a standby mode. In general, this affects the development of the country's renewable energy industry.
"Our company is engaged in the energy sector, and I know well enough what is happening. I communicate with foreign companies, with investors. And it's unpleasant, but we see now that those alternative energy projects that could stop and refrain from further action have already done this. The fact is that those who could stop some kind of negotiation process, have already done this," he said on November 21.
The expert added that more than EUR 8 billion had been invested in renewables projects over the past few years. In addition, tremendous efforts have been made to develop the sector. Now this is all canceled out by politicians' plans to retroactively cut the feed-in tariff.
"More than EUR 8 billion has already been invested [in the sector], and further investment is on the agenda. Now this is very much in question, because large investment companies have frozen the relevant processes, being in a standby mode. They are waiting for events to develop further. The possibility of losing investment is great. Populism is scary. Although interest in the Ukrainian market still remains," Green said.
Senior partner of the Sokolovskyi and Partners law firm Tetiana Lysovets says risks for Ukraine are now dramatically high.
"The construction of solar power systems has already been halted. The rules have not changed yet, while the market has already become alert, waiting to see what will happen next. There is a very big reputation risk for Ukraine as a reliable partner," the lawyer said.