Masdar’s parent company Mubadala Investment Company and DTEK, Ukraine’s largest private producer of power, have signed a strategic agreement to explore potential clean energy investments in Ukraine.

The announcement was made following an official visit by His Excellency Volodymyr Zelensky, President of Ukraine, to Masdar City, Abu Dhabi’s sustainable urban development. Faris Al Mazrui, Head of Mubadala’s investment program in the Commonwealth of Independent States, Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Maxim Timchenko, CEO of DTEK, signed a MoU during a ceremony at Masdar City.

“As a global leader of renewable energy, with a presence in more than 30 countries over the world, Masdar welcomes this opportunity to help Ukraine achieve its clean energy goals,” Al Ramahi said. “Our business model is based on making strong partnerships in the sectors and geographies in which we operate, and we look forward to exploring potential areas of collaboration with DTEK in Ukraine. By leveraging our combined expertise, Masdar and DTEK will be able to best identify the path forward for Ukraine’s renewable energy sector.”

“In our action to work on climate change, we go even further with our new partners Masdar and Mubadala to help build a carbon free future for all of ours,” Timchenko said. “We welcome international cooperation and partnerships as the foundation for future success. DTEK is ready to share its experience and contribute to achieving this goal.”

Ukraine’s Energy Strategy targets to increase the share of renewables in the country’s energy mix to 25% by the year 2035. DTEK Renewables, the operating company managing DTEK’s renewable energy assets, is the largest investor in green energy in Ukraine, with a portfolio of 1 gigawatt of solar and wind capacities.

The trilateral MoU was 1 of a number of such agreements Mubadala signed with various Ukrainian organizations, including 3 MoUs with government entities to explore mutually beneficial investment opportunities.