Published by Global Banking & Finance Review®
Posted on June 23, 2025
2 min readLast updated: January 23, 2026
Octopus Energy and DTEK plan to raise $115 million for solar projects in Ukraine, enhancing energy resilience with AI-powered systems.
By Susanna Twidale
LONDON (Reuters) -Britain's Octopus Energy Group and Ukrainian energy company, DTEK, are seeking to raise 100 million euros ($115 million) over the next three years to help fund up to 100 solar and battery projects in Ukraine, the companies said on Monday.
Since Russia’s invasion in 2022 around 70% of Ukraine’s thermal generation capacity has been destroyed, DTEK CEO Maxim Timchenko said, creating the need for more power sources.
"Its about building back better," he told the Octopus Tech summit in London launching the Resilient Independent Solar Energy initiative, known as RISE.
Under the scheme rooftop solar panels will be deployed, along with battery storage systems on Ukrainian business and public sector institutions.
Timchenko said smaller, decentralised energy projects were more resilient than large power generation sites.
The systems will use Octopus Energy Group’s AI-powered operating system, Kraken, which will help the companies manage their energy use and enable them to sell power back to the grid when they do not need it.
The companies said they hoped to attract finance from a mix of sources, including private equity, energy companies, UK and EU government agencies, but did not give any indication of whether they had already received interest.
($1 = 0.8691 euros)
(Reporting by Susanna Twidale; editing by Barbara Lewis)
The funding aims to raise 100 million euros ($115 million) to support solar and battery projects in Ukraine over the next three years.
Since Russia’s invasion in 2022, around 70% of Ukraine’s thermal generation capacity has been destroyed, creating a significant need for alternative power sources.
The Resilient Independent Solar Energy initiative, known as RISE, focuses on deploying rooftop solar panels and battery storage systems on Ukrainian business and public sector institutions.
The Kraken operating system will help manage energy use and enable the companies to sell power back to the grid when they do not need it.
The companies hope to attract finance from private equity, energy companies, and UK and EU government agencies.
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