The Finland Ukraine Trust Fund provides grant financing to promote the cooperation in the fields of energy efficiency, renewable energy and alternative types of energy sources in power and heat generation and in district heating networks.

The purpose of the Trust Fund is to promote cooperation between Finland and Ukraine and identify opportunities for projects, both consultancy services and investments, in the fields of energy efficiency, renewable energy and waste-to-energy and smart energy systems.


The Trust Fund is financed by the Ministry for Foreign Affairs of Finland and managed by NEFCO. The local coordinator is the State Agency on Energy Efficiency and Energy Saving of Ukraine (SAEE).

The focus is on following fields:

  • Renewable energy and waste-to-energy
  • Power and heat generation
  • District heating networks
  • Energy efficiency in buildings and industry
  • IT solutions and distribution networks
  • Development of partnerships in the context of multilateral development programs and projects of International Finance Institutions

Available funding

Grant funding can be provided to both public and private demonstration projects implemented by Ukrainian enterprises, preferably by small and medium-sized enterprises, or for technical assistance. Funds are available for disbursement until the end of 2021. Note! All current available funds have been allocated to projects per end of October 2020, so the Fund is not accepting new applications for the time being.

There are blending opportunities of the grant with NEFCO’s other financing tools. Funds can be used exclusively to activities that meet the ODA criteria set up by the OECD DAC.

Project owner’s own contribution is required, however technical assistance, such as e.g. consulting and software, can be supported with a grant up to 100 per cent of the cost.

Demonstration projects

Grant support may be extended to demonstrative projects, if; the projects are transformative, innovative and introducing new technologies at the local market; and the partner commits itself to the project with either monetary or in kind contribution. In addition demonstrative projects must:

  • benefit not only locally but nationally
  • be innovative
  • build on well-known and proven technology
  • be cost efficient
  • increase energy efficiency on system, sub-system or component levels
  • be environmentally sustainable
  • be financially sustainable after grant support
  • be examples of best practices and best available technologies (BAT)
  • be replicable

Technical assistance

Funding for Technical Assistance (TA), also free standing, can be provided to different kind of projects including software services, legislation support and creation of funding instruments, knowhow, renewables, waste incineration etc. Funding can also be granted for expert services to support SAEE. Specifically, Projects eligible for funding of TA and consultancy projects have to:

  • benefit not only locally but nationally
  • be transformative, demonstrative and innovative
  • increase investor confidence in energy sector
  • support ratification of clean energy policies


Procurement is to be tied to Finnish content, meaning that each project must have a Finnish interest in the form of consulting, supplies or investment. The level of the Finnish content is at least 30% of the total value of the project. The consultants selected shall be mainly firms registered in Finland. Procurement related to the activities to be funded shall be carried out in accordance with NEFCO Procurement Guidelines.

Application process

Note! All current available funds have been allocated to projects per end of October 2020, so the Fund is not accepting new applications for the time being.

Available funding from the Trust Fund is based on proposals received from interested applicants, which are further assessed by the Evaluation and Monitoring Committee of the Trust Fund and approved by NEFCO’s Investment Committee and no-objection approval by the Ministry for Foreign Affairs of Finland. To apply for funding from the Trust Fund, please fill in the Application Form. The Word file of the Application Form is available upon request from the Coordination and Management Consultant below. Please note that completed applications forms must be submitted in an electronic form to the address:


More information

For information about the Trust Fund, please contact the Coordination and Management Consultant:

Project Director, Jarkko Olkinuora (Finland):, tel: +358 40 0805056
Team Leader, Andrew Levkonyuk (Ukraine):, +380 97 6405390


Helena Lähteenmäki

Investment Director

+358 10 6180 633
Finnish, Russian, English, Swedish

Vivi Avikainen

Investment Manager

+358 10 6180 661
Swedish, Finnish, English

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