Current state and structural-dynamic trends of investment in renewable energy in Ukraine

The article examines the state of investment in renewable energy in Ukraine and the structural and dynamic changes observed during 2019-2025. The research is motivated by the need to balance energy security, infrastructure recovery, private capital mobilization, and long-term energy transition targets. The aim is to identify the main trends in investment activity before and during the full-scale war, trace changes in the technological composition of new projects and financing arrangements, and outline the sector’s prospects. A qualitative analysis of policy and institutional developments supplements descriptive comparisons, structural grouping and growth-rate calculations. Special attention is paid to the distinction between actual capital spending, newly commissioned capacity, the existing stock of capacity and announced prospective financing; these indicators are not interchangeable. The analysis shows that 2019 saw an exceptionally high level of renewable power plant commissioning, driven by feed-in tariff incentives and strong investor interest in utility-scale solar projects. Capacity additions continued in 2020-2021, but at a much slower pace, as concerns grew about the support model’s financial sustainability. The full-scale invasion caused serious damage, occupation-related inaccessibility of assets, increased financing costs, and substantial geographic reorientation of projects. At the same time, distributed solar systems for businesses and households, self-consumption schemes and battery storage gained importance during 2024-2025. The findings suggest a structural shift from predominantly tariff-driven, centrally financed projects towards diversified financing arrangements involving firms’ own resources, bank lending, development finance and risk-sharing facilities. Future investment expansion depends on regulatory predictability, reliable payment mechanisms, modern grid connections, investment insurance and access to affordable long-term finance. The article recommends a consistent sectoral statistical framework that would publish realized investments, commissioned capacity, and project finance annually, separately, thereby supporting evidence-based energy policy under wartime conditions and during the reconstruction period.