Today's Contents
Reporter's Notepad:
- URN launches Partner Program to bring investors expert-level guidance
- CMS Contribution: Ukrainian state electricity off-taker aims to clear debt to renewable producers under FIT scheme this year
Just The Facts:
- Trump and Zelensky hold private talks at Vatican basilica on Ukraine peace efforts
- EBRD lends €270 million to Ukraine's Naftogaz to finance emergency gas purchases for next heatings seasons
- Enterprise Ireland eyes opportunities for Irish firms in Ukraine reconstruction
- Ireland adds €7 million to EIB's Ukraine recovery fund, raising total to €410 million
Here's What They Think:
- Responsible Statecraft: Ukraine and Europe cannot afford to reject Trump's peace plan
- Modern Diplomacy: Putin must lose in Ukraine to understand Russia is not a great power
Sober Second Thought:
- 82% of Ukrainians support continuing to fight against Russia even without US support, survey finds
Rebuilder's Social
- France contributes X-ray systems for frontline operations, Europe finances Ukrainian nuclear safety, Ukraine Facility Platform calls for focus on synergies between Ukrainian and European business.
URN Launches Partner Program
Today, Ukraine Rebuild News is launching its Partner Program designed to bring expert-level guidance in various sectors to companies planning to invest in the reconstruction of Ukraine.
In recent months, URN has been in the planning stage with various firms and organizations dedicated to serving investors in Ukraine. The program combines the expertise and Ukraine-specific knowledge of world-class companies with the news sense and impartiality of URN.
How does it work?
URN staff, with decades of experience working for Bloomberg, The Associated Press and many of the world's largest institutional investors, works with partners to help select topics of interest to foreign investors in Ukraine.
With URN editing, world-class experts then bring you exclusive news, updates and deep dives into various topics of interest, such as the legal and regulatory environment, physical security, cybersecurity, logistics, tax and accounting, and political issues related to investing in Ukraine.
In a news item in today's issue, CMS Ukraine covers, exclusively for URN readers, an issue of urgent interest to investors in Ukraine's renewable energy sector: the accumulation of debt by Guaranteed Buyer, the state electricity off-taker, to renewable energy providers.
The following article is reported by CMS staff, with editing by URN.
Ukrainian state electricity off-taker aims to clear debt to renewable energy producers under FIT scheme this year
Ukraine's state electricity off-taker, named Guaranteed Buyer, is developing a plan to pay its accumulated debts to electricity producers operating under the Feed-In Tariff (FIT) scheme, and aims to clear all such debts this year, according to a senior official of the state enterprise.
The debts have already fallen 28% in the year through March to UAH 22.3 billion (€470 million) due to a series of measures, including loans secured by Ukrenergo, which operates the national electricity transmission system, said Kateryna Danylova, Deputy Director of Guaranteed Buyer.
The repayment roadmap, a critical step toward restoring stability in Ukraine's renewable energy sector, would apply to the remaining debts under the FIT scheme, but not to other segments of the renewable energy market, such as those operating under auctions or PPAs.
Guaranteed Buyer's debt under the FIT scheme, which is essentially a government-backed, fixed-price contract for green electricity, stood at UAH 22.3 billion (€470 million) last month, from UAH 30.8 billion a year earlier.
The debt, which has accumulated due to war-related disruptions, shortfalls in tariff collections and other factors, has served as a potential deterrent to attracting further investment in Ukraine's renewable energy sector, despite measures to stimulate its development.
The debt reduction shows strengthened institutional commitment to rebuilding investor trust and ensuring the long-term viability of the green energy market in Ukraine.
Guaranteed Buyer plays a central role in implementing the FIT mechanism in Ukraine. Acting as the designated off-taker, Guaranteed Buyer purchases all electricity from renewable energy sources producers operating under FIT and is responsible for ensuring timely and full payments.
CMS is a top 10 global, full-service law firm with 75 offices and over 4,800 lawyers worldwide, and is the largest law firm in Europe. CMS Ukraine, with 8 partners and over 30 domestic and internationally qualified lawyers, offers a full-service practice with unparalleled knowledge of the Ukrainian market. As part of the CMS Rebuilding Ukraine initiative, the team supports the National Recovery Plan, advises on legislative changes, and helps businesses navigate reconstruction and war-driven challenges.
Stay tuned for more announcements in coming days about the URN Partner Program.
If you're interested in collaborating with URN, contact founder Adam Brown at adam.brown@ukrainerebuildnews.com.
For questions related to daily news, story suggestions, scoops and other newsy matters, please message URN newsroom chief Valentina Bajic at valentina@ukrainerebuildnews.com.
Now, on with the other headlines of the day ...
Trump and Zelensky hold private talks at Vatican basilica on Ukraine peace efforts
US President Donald Trump and Ukrainian leader Volodymyr Zelensky, in Rome for the funeral of Pope Francis, have met one-on-one at St. Peter's Basilica in the Vatican on Saturday, according to official statements from both countries.
The Ukrainian presidential office said in a news release that Trump and Zelensky discussed "a range of important and urgent issues." It added that "Ukraine is counting on results regarding the matters raised: protecting lives of Ukrainians, a full and unconditional ceasefire, a reliable and lasting peace that will safeguard against a repeat of the war."
The Ukrainian president said in a post on X it was a "very symbolic meeting that has potential to become historic, if we achieve joint results."
Zelensky was on a diplomatic offensive in Rome, meeting with other leaders including France's Emmanuel Macron, UK Prime Minsiter Keir Starmer, Italian leader Giorgia Meloni, European Commission President Ursula von der Leyen, as well as various Holy See officials.
Several news publications, including Reuters, BBC, the New York Times, noted that Trump posted a rare rebuke of the Russian President Vladimir Putin on Truth Social shortly after departing Rome.
"There was no reason for Putin to be shooting missiles into civilian areas, cities and towns, over the last few days. It makes me think that maybe he doesn't want to stop the war, he's just tapping me along, and has to be dealt with differently, through "Banking" or "Secondary Sanctions?" Too many people are dying!!!," Trump wrote.
Last Friday, US envoy Steve Witkoff met Putin for three hours in Moscow to discuss the peace efforts. Commenting on the meeting, Trump wrote on Truth Social that the two sides were "very close to a deal" and that "most of the major points are agreed to."
In his Sunday address, Zelensky said that while "the Russians talk a lot about their alleged readiness to accept American proposals," there are still no signs that the army is preparing for a genuine ceasefire.
He called for "a proper response" with new sanctions and more pressure, noting, "Of course, it is America that can take the most tangible steps – tangible for Russia."
EBRD lends €270 million to Ukraine's Naftogaz to finance emergency gas purchases for next heatings seasons
The European Bank for Reconstruction and Development (EBRD) said it is providing Ukraine's state-owned gas firm, Naftogaz, with a €270 million loan to finance emergency gas purchases for the next two heating seasons.
Norway is supplementing the sovereign-guaranteed loan with a €139 million grant, financed through the EBRD Crisis Response Special Fund, bringing its total wartime energy-focused financing through the lender to €460 million, the lender said in a press release.
The situation in Ukraine is "fluid" and Naftogaz may need to quickly procure more critical gas imports, the EBRD said. The exact timing and volumes will depend on the length and intensity of the war.
"The EBRD will remain a reliable partner of Ukraine in implementing initiatives that make us stronger to withstand, recover and grow," said Prime Minister Denys Shmyhal in a press release from the Ukrainian government.
The EBRD is Ukraine's largest institutional lender, and it has increased its lending to make a total of €6.5 billion available to the country since the start of the war, it said.
The bank also secured agreement from its shareholders for a capital increase of €4 billion to continue lending at this level in wartime and raise its finance further when the time comes for reconstruction.
Enterprise Ireland eyes opportunities for Irish firms in Ukraine reconstruction
Enterprise Ireland is "assessing potential future opportunities" for Irish firms in Ukraine's $500 billion reconstruction and recovery efforts, the Irish state economic development agency told the Irish Independent.
"We are currently working with a pathfinder (market expert) to map out opportunities, particularly aligned to the post-war reconstruction needs of Ukraine and Ireland's capability – including in health, construction, engineering, telecommunications, digital technology, and professional services sectors," the agency said.
The agency's team in Poland is involved in assessing opportunities, and last year it pitched Ireland's capabilities and companies at the Rebuild Ukraine Conference in Warsaw, according to the report.
CDGA Consultants, a Cork-based engineering consultancy, won a $250,000 tender last summer to build a power system for a UN scientific facility in Zhytomyr oblast.
CDGA Managing Director Dan Moriarty told the newspaper that the firm was actively bidding with UN agencies on "anything for Ukraine." He noted the company received "crucial" support from Enterprise Ireland for its work in Ukraine.
"There was a bit of a dead period in January and February with the UN agencies; I think they were all reeling from these funding changes," Moriarty said. "It is only in the last six weeks that we have really seen the tenders start to appear again specifically for Ukraine."
Dublin-based marketing agency Matrix Internet had also been in talks with "some parts of the Ukrainian government," according to its Managing Director Jeff Sheridan. Matrix Internet is exploring opportunities to create programs aimed at helping Ukrainian enterprises "survive, thrive and become more international."
According to Sheridan, Ukraine represents a major opportunities for Irish companies.
"I know other countries have heavier industries maybe than we do, more to do with construction. But it did feel like there is a big opportunity there and EI is trying to get Ireland into the picture," Sheridan said. "I think EI is trying hard, but maybe there is more the Irish Government could do. I think there is a huge opportunity there."
Ireland adds €7 million to EIB's Ukraine recovery fund, raising total to €410 million
Ireland has contributed €7 million to the European Investment Bank's "EU for Ukraine" Fund, bringing the fund's total to more than €410 million, the EIB said. The fund, set up to support Ukraine's recovery and reconstruction, has now received contributions from 16 EU member states.
The contribution complements the €2.2 billion in emergency and recovery support the EIB has already provided to Ukraine since Russia’s full-scale invasion, according to a press release. Under the EU's Ukraine Facility, the EIB is also rolling out an additional €2 billion in new recovery investments, with initial projects targeting water, heating, and municipal infrastructure.
"I welcome this contribution by Ireland to accelerate and support projects that will help Ukraine’s recovery and support Ukrainians and businesses to carry on with their daily lives," EIB President Nadia Calviño said. "This is Europe at its best — demonstrating unity, strong partnership, and determination."
EIB VP Teresa Czerwińska, who oversees EIB'S operations in Ukraine, noted: "With the EU for Ukraine Fund, we are turning European solidarity into concrete support that helps Ukraine recover and rebuild faster."
Ireland's Minister for Finance Paschal Donohoe said Ireland remained "unequivocal and steadfast" in its support for Ukraine and stressed the need for significant ongoing investment in Ukraine's reconstruction.
The EU for Ukraine Fund allows the bank to finance critical reconstruction projects that might otherwise struggle to secure funding, helping project promoters by lowering borrowing costs and making recovery efforts more affordable, according to the release.
So far, the fund has backed a range of recovery initiatives across the country, including financing for small businesses to sustain jobs, the rollout of the EU 112 emergency line to strengthen emergency response services, and the modernisation of Kyiv's metro fleet to replace outdated Soviet-era trains and reduce reliance on Russian-made equipment.
Responsible Statecraft: Ukraine and Europe cannot afford to reject Trump's peace plan
US President Donald Trump's peace plan for Ukraine is "common sense," including putting Crimea on the table, and Ukraine and Europe cannot afford to refuse it, Anatol Lieven, director of the Eurasia Program at the Quincy Institute for Responsible Statecraft, wrote in an op-ed.
Trump's plan would leave 80% of Ukraine independent and free to pursue EU membership, which would be a great, if imperfect, victory for Ukraine, while rejecting it risks a far worse, possibly catastrophic, defeat, Lieven argued.
Modern Diplomacy: Putin must lose in Ukraine to understand Russia is not a great power
Although some argue that the West is to blame for the war in Ukraine, as NATO's eastward expansion was threatening the balance of power between the West and Russia, Russia's power hasn't been on par with the US or Europe since the Soviet Union collapsed and to understand that it has to lose the war in Ukraine, Michael Haiden, a research associate at the University of Hohenheim, wrote in an op-ed for Modern Diplomacy.
82% of Ukrainians support continuing to fight Russia even without US support, survey finds
A large majority - 82% - of Ukrainians say they support continuing the fight against Russia, even without the US support, according to a survey by the Kyiv International Institute of Sociology (KIIS).
Only 8% of respondents believe that Ukraine should negotiate with Russia and agree to any Russian demands, while the remaining 10% said it was hard to say what option would be best for Ukraine in case the US finally stops its military aid to the country.
However, the absolute majority of Ukrainians - 79% - believe that Russian demands for a ceasefire are categorically unacceptable, with 16% ready to accept them, of which 14% find it a difficult option.
The absolute majority rejects these requirements in all regions of Ukraine - 80-81% in the West, Center, and South, and 64% in the East.
If the ceasefire is not accompanied by any security guarantees, 62% of Ukrainians will categorically not support it, but if Ukraine receives at least some security guarantees, more than half of Ukrainians will (albeit reluctantly) support a ceasefire.
Asked about their opinions on the proposal for a 30-day temporary ceasefire, 77% had a positive view of it, with 47% of those with the positive view saying the proposal is a way to show that Russia does not want peace or that Russia is violating the agreements.
Only 17% chose one of the three negative options, with 8% considering it a wrong step that will weaken Ukraine, 7% - a step of despair by the Ukrainian authorities due to the difficult situation at the front, and 2% perceive it primarily as a step towards Ukraine's surrender.
"Ukrainians do demonstrate a sincere desire for peace and remain flexible to discuss even painful compromises, such as postponing the liberation of certain occupied territories. However, at the same time, there is an unequivocal consensus among Ukrainians against peace on any terms (and, of course, against surrender). The priority at the moment is reliable security guarantees. And Ukrainians are ready to continue nationwide resistance until Ukraine receives an acceptable peace," said KIIS Executive Director Anton Hrushetskyi.
The survey was conducted between March 12-22, and it included 1,326 adult Ukrainians living in areas governed by Ukrainian authorities.
Social Media Posts
EU Financing for Nuclear Safety
Svitlana Grynchuk, Ukraine's Minister of Environmental Protection and Natural Resources, posted that Ukraine will received €22.6 million from European partners to "ensure nuclear safety, improve radiation protection and manage radioactive waste."
A draft agreement includes financing to ensure uninterrupted operation of radioactive waste management facilities, creation of an early detection system for forest fires in the Chernobyl exclusion zone, harmonization of Ukrainian legislation with Euratom norms, and more.
8 French X-Ray Systems for Front Line
Edem Adamov, Deputy Minister at Ukraine's Ministry of Health, posted that Ukraine last week received eight modern mobile X-ray systems worth €1.8 million for frontline regions from from France for "complex surgeries, trauma care, orthopedic and vascular procedures."
"In the coming weeks, we expect another delivery — laparoscopic equipment worth €730,000 for pediatric hospitals across Ukraine.The total volume of French support to Ukraine’s healthcare sector now exceeds €150 million."
Container Terminal Plans at Chornomorsk
Alona Shkrum, a member of Ukraine's Parliament, recapped a presentation made to international investors in Warsaw on plans, backed by the IFC and the EBRD, to build a container terminal and the Ukrainian Black Sea port of Chornomorsk.
"The selection of the concessionaire will take place through an open, competitive auction. For us, transparency and trust in the process are paramount—from the perspective of the largest global companies from Europe, the Middle East, and other regions, as well as from Ukrainian citizens. This is the first concession we initiated during wartime."
'Rethinking' Post-War Recovery
The Ukraine Facility Platform, a think tank backed by the Mission of Ukraine to the EU, called for a "rethinking" of Ukraine's approach to post-war recovery, with an emphasis on finding synchronicities between Ukrainian and European capabilities.
The post raised the question of "how Ukrainian manufacturers can integrate into European supply chains, how Europe can use Ukrainian experience and technologies, how to increase the efficiency of cooperation and eliminate regulatory barriers in the defense, agricultural and energy sectors."
Meetings with EU Finance Ministers
The Ministry of Finance of Ukraine recapped meetings with the finance ministers of Belgium, the Netherlands, Finland, Latvia, Lithuania and Sweden alongside the IMF Spring Meeting held last week in Washington, DC.
"Key topics included Ukraine’s progress under the EU’s Ukraine Facility instrument, the implementation of the Extraordinary Revenue Acceleration for Ukraine (ERA) initiative, and the advancement of priority reforms for European integration," the ministry said.
URN Daily: Sense Bank and Ukrgasbank for sale? And US seeks to cancel $4.7 billion of Ukraine's debt
