Finland Ukraine Trust Fund

Finland Ukraine Trust Fund

The 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 programme

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 administered by NEFCO. The local partner is the State Agency on Energy Efficiency and Energy Saving of Ukraine (SAEE).

The Trust Fund will target the following fields:

1. Renewable Energy and Waste-to-Energy:

  • Integration of renewable and waste-to-energy sources into power systems while ensuring national system stability
  • Use of these energy sources in electricity production as well as heating and cooling sectors
  • Increasing the share of electricity produced from renewable and waste-to-energy sources
  • Efficient logistical arrangements for bioenergy, utilization of waste fuels
  • Creation of new national funding instrument for attraction of investments in renewable sector

2. Power and heat generation

3. District heating networks

4. IT solutions and distribution networks

5. Development of partnerships in the context of multilateral development programs and projects of International Finance Institutions:

  • Smart energy and power systems, utilizing locally available clean energy sources

3. District heating networks:

  • Energy efficiency in buildings and industry

4. IT solutions and distribution networks
5. Development of partnerships in the context of multilateral development programs and projects of International Finance Institutions.

Scope of funding and funding terms

  • Funding for demonstrative projects can be provided as grant funding to the Ukrainian enterprises with preference to SMEs (small and medium sized enterprises) for both public and private projects.
  • Project owner’s own contribution is required, however technical assistance, such as e.g. consulting and software, can be supported with grant up to 100% of the cost.
  • 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
  • There are blending opportunities of the grant with NEFCO’s other financing tools – Investment Fund loansFacilities for Cleaner Production and Energy Saving Credits.
  • Funds can be used exclusively to activities that meet the ODA criteria set up by the OECD DAC.

Demonstrative projects

Grant support may be extended to demonstrative projects, if; (i) the projects are transformative, innovative and introducing new technologies at the local market; (ii) the partner commits itself to the project with either monetary or in kind contribution; (iii) the project would probably not be implemented without support from this grant facility. In addition demonstrative projects must:

  • benefit not only locally but nationally
  • be innovative
  • build on well-known and proven technology
  • be cost efficient
  • be affordable and not have negative impacts on vulnerable groups of consumers
  • 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, based on their proposals, called and handled as projects, and delivered either by long-term in-house experts and consultants or short-term external consultants. These funding terms cover also TA and consultancy projects. 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
  • provide new opportunities for policy support in the fields of cooperation under this fund
  • enable and unlock FDI investments
  • support national funding instrument

How to apply for financing from the Trust Fund?

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 contact persons below.
Please note that completed applications forms must be submitted in an electronic form to the address:

For additional information about the Programme, please contact:
• Project Director, Jarkko Olkinuora (Finland):, tel: +358 40 0805056
• Team Leader, Andrew Levkonyuk (Ukraine):, +380 97 6405390

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.


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.
You can find it under the “Application process”:


Application forms for Finland Ukraine Trust Fund 

- Application form for Finland Ukraine Trust Fund – EN

- Application form for Finland Ukraine Trust Fund – UKR