Black Sea Bank Financing Boosts Solar Energy Expansion
Metinvest Group has secured €20 million in funding from the Black Sea Trade and Development Bank (BSTDB) to construct solar power plants with a total capacity of 37 MW. The loan agreement was signed during the Ukraine Recovery Conference (URC 2026) in Gdańsk. The financing exceeds UAH 1 billion, with a seven-year loan term.
The funds will be allocated to renewable energy projects, underscoring the company’s strategic commitment to sustainable development and the adoption of green technologies.
“This new agreement reaffirms the trust of international financial partners in the company’s long-term strategy.”
- Yuriy Ryzhenkov, CEO of Metinvest
Serhat Köksal, President of the Black Sea Trade and Development Bank, also highlighted the importance of supporting Ukrainian companies under current circumstances, stating that “the bank continues to back Ukrainian firms demonstrating resilience during the war.” Metinvest and BSTDB have been cooperating since 2020, reflecting a stable and enduring partnership.
Since the onset of the full-scale invasion, the company has invested nearly UAH 40 billion in enterprise development. In 2025, Metinvest generated over UAH 150 billion in export revenue. Under Rinat Akhmetov’s Steel Front initiative, more than UAH 7.3 billion has been directed to support Ukraine’s defense forces. Since February 24, 2022, the company has invested over UAH 28 billion in various projects. Metinvest is owned by Rinat Akhmetov.
Significance of the Agreement for Renewable Energy
This deal marks a major step forward for renewable energy in Ukraine, particularly during wartime, when the country urgently needs new power sources. Investments in solar plants can help reduce reliance on traditional energy resources and advance environmental initiatives.
Collaboration between major corporations and international financial institutions can also serve as a model for other businesses in the region, encouraging them to adopt sustainable practices and technologies.
As Metinvest continues to strengthen its position in the renewable energy sector, the company's ambitions extend beyond solar projects. A recent article discusses how Metinvest plans to integrate into the European steel market post-war, potentially enhancing its influence and operational capacity in the region. This strategic move could further bolster its efforts to adopt sustainable practices. For more insights on this future direction, read about Metinvest's strategy for European integration.