Acquisition process
Buying an energy project in Ukraine: from first criteria to closing
A practical guide to buying an energy project in Ukraine: investment criteria, evidence, due diligence, transaction terms, closing and handover.
Tillerstone perspectives
Insights
Practical perspectives on energy projects, private capital and the information that moves a conversation forward.
Transactions & diligence
9 articlesDevelopment and grid
What ready-to-build means for an energy project in Ukraine
Test ready-to-build claims in Ukraine against land, construction, grid and environmental evidence, then identify the work and budget still required.
Development and grid
Buying an energy project before its grid connection is complete
Check an energy project's grid connection in Ukraine: capacity evidence, remaining works, contract validity, cost, timing and separate BESS import/export limits.
Solar investment
Buying an operating solar plant in Ukraine: checks before an indicative offer
Screen an operating solar plant in Ukraine before an indicative offer: generation, land, grid, contracts, cash collection, equipment and future spending.
Valuation and revenue
Valuing a solar plant in Ukraine: why price per MW is not enough
Compare solar plant values using cash flow, debt, working capital, equipment condition and future investment, with a clear enterprise-to-equity value example.
Transaction structures
Full acquisition, minority investment or JV: choosing how to enter an energy project
Compare full acquisition, minority investment and JV structures for Ukrainian energy projects: control, funding, governance, deadlock and exit.
Screening & evidence
Screening an energy project in 30 minutes: claims, evidence and red flags
Screen Ukrainian energy project teasers with an evidence matrix, ten red flags and a decision record before commissioning due diligence.
Foreign investor entry
How a foreign investor can acquire a Ukrainian energy project: shares, assets and closing
Compare Ukrainian energy share and asset acquisitions through ownership, transferred rights, retained liabilities, approvals, bank routing and handover.
Investor mandate
How to define an investment mandate for Ukrainian energy projects
Build a Ukrainian energy investment brief with stage, technology, control, evidence thresholds, acquisition budget, completion capital and exclusions.
BESS & hybrid
6 articlesBattery storage
Investing in BESS in Ukraine: how to test the project and its financial model
Test a Ukrainian BESS investment against usable capacity, grid rights, market access, realistic dispatch, losses, degradation and lifecycle funding needs.
BESS revenue
BESS revenue in Ukraine: FCR, aFRR, balancing and arbitrage without double counting
Evaluate BESS revenue evidence and service commitments in Ukraine using a dispatch compatibility matrix, energy headroom and net-cash checks.
BESS grid
BESS grid connection in Ukraine: analyse import MW and export MW separately
Translate Ukrainian BESS connection evidence into feasible charging, export and reserve schedules, with separate import and export constraints.
BESS lifecycle
BESS capacity, degradation, augmentation and warranties: a lifecycle investment checklist
Compare BESS MW, usable MWh and duration with degradation, throughput warranties, augmentation funding and availability obligations.
Market & technologies
Hybrid energy projects in Ukraine: technologies working together
Solar, wind, gas generation and storage in a shared system: how to justify the combination and present it to an investor.
Market & technologies
Battery storage in Ukraine: investing in power-system flexibility
Battery energy storage: managing delivery timing, power and consumption as the foundation of a commercial model.
Revenue & financing
8 articlesValuation and revenue
Solar revenue is not cash: how to check what a plant actually collects
Reconcile a solar plant's generation, settlements, revenue, receivables and bank receipts, and see how payment timing changes acquisition economics.
Capital & bankability
What makes a Ukrainian energy project investable and bankable?
Test Ukrainian energy project bankability against rights, deliverable revenue, funding, downside cash flow and institutional environmental requirements.
Revenue quality
FiT, market premium and merchant revenue in Ukraine: what changes project value?
Compare Ukrainian renewable revenue models through eligibility, contracts, capture prices, balancing costs, curtailment and cash collection.
Revenue quality
Guarantees of origin in Ukraine: when can they add project value?
Check ownership, issuance, transfers and buyer demand before adding Ukrainian renewable guarantees of origin to an acquisition valuation.
Financing
Financing Ukrainian energy projects: EBRD, EIB, UIF and the route to commitment
Map Ukrainian energy financing channels to borrower, project stage, funding need, diligence and documented commitment without assuming programme access.
Financing mechanisms
RAMP-UP in Ukraine: assess revenue stabilisation before adding it to the model
Understand the source-checked RAMP-UP programme context and the eligibility, award, contract and cash-flow evidence a Ukrainian project still needs.
Risk allocation
War and political risk insurance for Ukrainian energy investments
Assess Ukrainian energy investment insurance through insured interests, covered events, exclusions, limits, waiting periods and financing conditions.
Contracted revenue
Corporate PPAs in Ukraine: how investors should test bankability
Test Ukrainian corporate PPA bankability through counterparty credit, delivery profile, balancing, termination, currency and lender rights.
Project preparation
5 articlesTransaction readiness
How to prepare a solar or battery project for sale or investment
Prepare a Ukrainian solar or battery project for sale or investment with an evidence checklist, clear funding needs and a practical order for fixing gaps.
Evidence and process
An energy project data room: documents investors can actually use
Organise a Ukrainian energy project data room with a useful folder structure, document index, evidence status, open issues and controlled access.
Seller readiness
Why buyers reduce an energy project price after due diligence
Prepare an energy project sale by reconciling asking price to cash flow, remaining CAPEX, debt, evidence gaps and specific contractual responses.
Evidence & process
From an initial outline to controlled data-room access
A practical approach to project confidentiality: establish relevance, agree permissions and release information in defined stages.
Evidence & process
What a useful Project Passport should contain
How a concise project summary can connect material facts with evidence, open questions and a clear transaction objective.
Technologies & market
6 articlesMarket & technologies
Hydrogen: production, the customer and project boundaries
How to describe a hydrogen project: electricity supply, electrolysis, product output, infrastructure and the status of buyer arrangements.
Market & technologies
Gas generation in Ukraine: dispatchable power for business and the grid
Gas engines, turbines and cogeneration: where dispatchability creates value and what to prepare for an investor.
Market & technologies
Bioenergy: from feedstock to an energy project
Biomass, biogas and biomethane: technology distinctions and questions for an initial Ukrainian project outline.
Market & technologies
Wind energy in Ukraine: scale for long-term capital
How the wind resource, grid connection and construction readiness shape a Ukrainian wind project’s investment proposition.
Market & technologies
Solar energy in Ukraine: from generation to a commercial project
Where solar creates value for businesses and investors: on-site consumption, electricity sales and integration with storage.
Market & technologies
Ukraine’s renewable energy market: opportunities for private capital
How power-system recovery creates demand for solar, wind and flexibility — and what makes a Ukrainian project ready for an investor conversation.