Octopus Energy and Ukraine's DTEK Launch $115 Million Initiative for Solar and Battery Projects

British energy supplier Octopus Energy Group and Ukrainian utility DTEK have announced a joint effort to raise €100 million ($115 million) over the next three years to support the development of up to 100 solar and battery storage systems across Ukraine.

The Gaze reports on this with reference to Reuters.

Launched at the Octopus Tech Summit in London, the Resilient Independent Solar Energy (RISE) initiative aims to deploy up to 100 decentralized renewable energy systems, primarily targeting Ukrainian businesses and public institutions. 

The move comes as the country continues to grapple with the aftermath of Russia’s full-scale invasion, which, according to DTEK CEO Maxim Timchenko, has destroyed around 70% of Ukraine’s thermal power capacity.

“This is not just reconstruction, it’s reinvention,” Timchenko said, emphasizing the need to shift away from centralized power grids toward flexible, decentralized models that can better withstand both military and infrastructure shocks.

The RISE project will integrate rooftop solar panels with battery storage technology, helping local facilities generate and store their own electricity. 

The systems will be managed through Kraken, Octopus’s proprietary AI-powered energy management platform, which allows users to optimize consumption and sell surplus power back to the grid.

Octopus and DTEK said they plan to secure funding from a blend of private investors, energy companies, and government-backed entities in the UK and the European Union. Specific financial commitments have yet to be announced.

As The Gaze reported earlier, on June 16, Ukrainian officials have strongly condemned Russia’s recent missile and drone attack on the energy infrastructure of Kremenchuk, calling it a calculated move by Moscow to exploit global focus on the Middle East.