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09KYIV1719, UKRAINE: OPIC-SUPPORTED GLOBAL RENEWABLE ENERGY

October 5, 2009

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Reference ID Created Released Classification Origin
09KYIV1719 2009-10-05 10:16 2011-08-30 01:44 UNCLASSIFIED Embassy Kyiv

VZCZCXYZ0160
RR RUEHWEB

DE RUEHKV #1719 2781016
ZNR UUUUU ZZH
R 051016Z OCT 09
FM AMEMBASSY KYIV
TO RUEHC/SECSTATE WASHDC 8522
INFO RUEHRC/USDA FAS WASHDC
RUCPDOC/USDOC WASHINGTON DC

UNCLAS KYIV 001719 
 
SIPDIS 
 
STATE FOR EUR/UMB AND EEB 
STATE PASS OPIC FOR BARBARA BRERETON 
 
E.O. 12958: N/A 
TAGS: ECON EFIN UP OPIC
SUBJECT: UKRAINE: OPIC-SUPPORTED GLOBAL RENEWABLE ENERGY 
INVESTMENT FUND 
 
REF: STATE 95170 
 
1.  OPIC does not currently operate in Ukraine due to a 
long-standing claim for which OPIC seeks compensation from 
the GOU.  Although OPIC and the GOU have made recent progress 
to settle the matter, a number of detailed legal issues still 
need to be resolved and it is too early to know if and when 
OPIC will be ready to do business in Ukraine again.  As a 
result, it is Post's understanding that USRG Emerging Market 
Fund (USRG) would not pursue investments in Ukraine in the 
near term. 
 
2.  However, should OPIC return to Ukraine, Post would 
support USRG investments in renewable power generation, clean 
fuels, and renewable energy value chain projects.  USRG's 
goals of reducing greenhouse gas emissions and reducing 
energy imports are compatible with Ukraine's economic 
development programs.  Ukraine is one of the world's 15 
largest emitters of greenhouse gases and is also seeking to 
move away from its heavy dependence on Russian oil and gas 
imports. 
 
3.  It is likely that Ukraine would welcome USRG investment 
in renewable energy projects, as it has welcomed similar 
investment from the EBRD and other international 
institutions.  There is limited funding for renewable energy 
projects in Ukraine, and the market is far from saturated. 
While the investment climate in Ukraine is difficult, if 
partners are chosen carefully, the strong government support 
for projects that reduce Ukraine's energy consumption and 
imports means USRG could enjoy a measure of success.  Post is 
not aware of any disparaging or derogatory information within 
Ukraine with respect to the prospective fund manager. 
PETTIT

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From → UNCLASSIFIED

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