Attack on green energy makes investment attraction a Ghost, of WAVE

Наступление на зеленую энергетику делает привлечение инвестиций призрачным, — УАВЭ

If we change green tariffs, we expect the claims to international arbitration, which Ukraine will lose and will receive a loss for the state budget

This was stated by Chairman of the Ukrainian Association of renewable energy Alexander Kozakevich, commenting on statements of the authorities about the need of retrospective green tariffs, reports

“The majority of companies that invest in Ukraine in recent years, have foreign capital. And all who have foreign capital, have the right to go to arbitration. And by and large, the money that supposedly the state will be able to save money by reducing feed-in tariff, will fall entirely on budget payments for the result of these arbitrations. Such a vivid example is Spain, when it changed its terms to encourage production from renewable energy sources. Losing the courts. Now there are 46 claims in arbitration courts foreign investors to the government of Spain. And 11 of them passed, and the total loss of 300-350 million euros. It is only 11. When will the others I think, the amount of damages will be increased by 4 times, that is, billions in losses for the state budget. Therefore, there is nothing to predict. All that to save, then return to one year of the arbitration decision,” explained Kozakevich.

In his opinion, this decision will have a negative impact on the development of alternative energy in Ukraine. In particular, he cited the example of European countries, where, after a retrospective change of the green tariff in the investment industry in the next five years was reduced to zero.

“But we understand that it is the EU, anyway there is some agreement still are. As for Ukraine, it may simply close the window for investors in the sector of renewable energy, and other industries will be very reluctant to come to Ukraine. Those ambitious plans, which were announced by the Prime Minister to attract over the next 5 years to attract 50 billion dollars in investment, they become so vague that it’s hard to believe,” explained Kozakevich.

He also noted that investors be very careful investing in Ukrainian projects and lay high risks. “If the rules start to change, the investor sees it, it lays very high risks, the return of his capital he lays a very large percentage,” said Kozakevich.

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Recall the legislation of Ukraine is guaranteed the preservation of “green tariffs” at a constant level until 2030 with the aim of stimulating investment in the production of electricity from renewable sources.
Earlier, former Deputy Minister of energy and coal industry of Ukraine Sergey Cech has suggested that viewing green tariffs violates the laws of Ukraine and it will be a bad signal for investors.