INVESTMENT ATTRACTIVENESS AND FINANCING MECHANISMS FOR RENEWABLE ENERGY PROJECTS UNDER TRANSFORMATION AND EUROPEAN INTEGRATION
Abstract
The relevance of research on project financing for renewable energy in Ukraine has increased significantly, particularly in light of contemporary challenges primarily related to the reconstruction of the national economy and the implementation of global sustainable development goals within the framework of European integration. The purpose of the article is to conduct a comprehensive analysis of investment attractiveness and the efficiency of financing renewable (“green”) energy projects in Ukraine. The study employs a combination of general scientific and specialized research methods. In particular, the methods of analysis and synthesis, comparative and statistical analysis, as well as the system approach and economic modeling, were used to substantiate directions for improving the financial architecture of renewable energy development under conditions of war-related risks and European integration. The research analyzes the existing mechanisms of state support for renewable energy. It is established that such instruments as exemptions from customs duties and VAT on imported equipment, tax holidays, and compensation for infrastructure costs are aimed at reducing capital expenditures and improving project financial model indicators. However, it has been found that under conditions of macroeconomic instability and elevated overall risks, these instruments are insufficient to attract the required volume of private investment for reconstruction and new capacity development. The findings suggest that the further development of renewable energy in Ukraine depends on the ability to build a comprehensive investment ecosystem. This ecosystem should integrate a stable regulatory environment, innovative financial instruments designed to mitigate specific wartime and post-war risks, and strategic partnerships with international financial institutions. The implementation of such an approach is a necessary prerequisite for ensuring energy security, sustainable economic growth, and Ukraine’s integration into the European energy space.
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