Ukraine’s DTEK and US-Based GE Vernova Commit €900 Million to Build New Power Plant

DTEK and GE Vernova Sign Landmark Deal

According to Главком: Ukrainian energy firm DTEK and American technology leader GE Vernova have finalized a €900 million agreement to construct a gas turbine power plant in Ukraine. The deal, announced by Economy Minister Oleksiy Sobolev at the Ukraine Recovery Conference 2026, marks the largest private-sector commitment in the event’s history. The facility, with a capacity of 650 MW, will be located in western Ukraine.

International Agreements at the Conference

The conference’s energy platform saw the signing of 28 international agreements, including memorandums, credit lines, and grant arrangements. In total, over €550 million was raised to prepare for the winter of 2026/2027. DTEK, owned by Rinat Akhmetov, also aims to secure €2 billion for new flagship energy projects designated by Ukraine’s Cabinet of Ministers.

Oleksiy Sobolev stated: 'The largest private-sector deal is the agreement between the energy company DTEK and the American firm GE Vernova, a global leader in energy technology, to build a 650 MW gas turbine power plant in western Ukraine. Investments in this project will total €900 million.'

This agreement is a pivotal development for Ukraine’s energy sector, as it brings substantial foreign investment into critical infrastructure. It also reflects growing international confidence in the country’s recovery and modernization efforts.

The deal represents a significant step toward strengthening Ukraine’s energy independence by attracting world-class technology and capital. Beyond adding new capacity to the national grid, it could pave the way for further investments in other strategic projects across the country.

In the face of global energy challenges, such partnerships are essential for stabilizing and advancing Ukraine’s energy market, ensuring long-term resilience and growth.

This landmark agreement is part of a broader trend, as Ukraine recently secured significant energy investments totaling €1 billion at the International Recovery Summit. Such initiatives not only enhance the country's energy infrastructure but also demonstrate the increasing international support for Ukraine's recovery efforts in the energy sector.