The United States government has approved an €85 million loan to Ukraine’s largest private energy company, DTEK, to expand its battery storage capacity, marking the largest such commitment since Russia’s invasion of Ukraine in 2022. The loan was issued by the US International Development Finance Corporation (DFC), the government’s international investment agency.

The funds are designated for the development of additional battery storage systems designed to rapidly respond to disruptions caused by frequent Russian attacks on Ukraine’s energy infrastructure. DTEK has already deployed battery technology developed in cooperation with Fluence, a US-based energy storage firm, at six locations. These facilities have a total capacity of 400 megawatt hours, enough to power approximately 600,000 Ukrainian homes for about two hours.

Maxim Timchenko, CEO of DTEK, described the loan as a “vote of confidence in our energy sector” and emphasized that it underscores Ukraine’s attractiveness as a destination for international investment. He noted that as the country’s largest private energy investor, the approval enables DTEK to channel more capital into projects aimed at enhancing Ukraine’s energy security over the long term.

DTEK employs around 55,000 people and operates a diverse portfolio that includes wind, solar, and thermal power plants, along with coal mining, gas production, and energy trading. It is owned by SCM Holdings, whose sole shareholder is Rinat Akhmetov, recognized as Ukraine’s wealthiest individual. The group’s coal and gas plants contribute the majority of the country’s thermal power output, which feeds into a grid also reliant on state-operated nuclear and hydropower facilities.

Ben Black, CEO of the DFC, highlighted that the investment aligns with previous US administration priorities to support strategic infrastructure projects abroad. He said such initiatives help facilitate significant American exports, safeguard critical resources and infrastructure in Ukraine as well as other regions including Jordan, Central Asia, and Africa, while strengthening the competitiveness of US companies in key international markets.