24 Feb 2026
TERNA and Ukrhydroenergo join forces on energy projects
TERNA advances into global markets.
- RE+D Magazine
An Executive Confidentiality Agreement between TERNA and the Ukrainian Ukrhydroenergo was signed last week in the afternoon in Kyiv, according to the company’s announcement.
According to the same announcement, the Executive Confidentiality Agreement follows the Memorandum of Understanding (MoU) signed in mid-November 2025 between the two companies. The MoU concerns the joint development and implementation of large-scale hydroelectric and pumped-storage projects in Ukraine, with a total budget of approximately €1.5 billion.
With the signing of the Executive Confidentiality Agreement, TERNA, a subsidiary of the GEK TERNA Group, gains access to critical technical, financial, and operational data on projects of mutual interest, aiming to further mature and develop them.
It is noted that the TERNA–Ukrhydroenergo agreement includes the joint development and implementation of:
- The 1,263 MW Dniester Pumped Storage Power Plant (Dniester PSPP)
- A new 220 MW pumping station (New Pumping Station)
This represents the first agreement between a Greek and European infrastructure group in the Ukrainian energy sector.
GEK TERNA Group reaffirms its role as the largest and most reliable infrastructure company in Southeastern Europe, with expertise recognized internationally.
The two projects are located in Western Ukraine and will initially be implemented under the framework of the MoU. At the same time, both companies are exploring additional opportunities in hydroelectric and pumped-storage projects within the country.
The critical energy infrastructure to be implemented by TERNA will contribute to the stabilization of the energy grid and accelerate Ukraine’s energy transition. The projects are also expected to receive significant support from international financial institutions and European bodies (EBRD, EIB, etc.), including technical and regulatory assistance.
The Executive Confidentiality Agreement was signed by Stathis Natsis, Executive Director of International Development at GEK TERNA Group, and Bohdan Sukhetskyi, CEO of Ukrhydroenergo.
The signing ceremony took place at the national “Greece” pavilion of Enterprise Greece during the international construction and infrastructure exhibition “KyivBuild Ukraine 2026” in Kyiv. The event was attended by Ukraine’s Deputy Minister of Energy, Mykola Kolishnyk, while Deputy Minister of Foreign Affairs Haris Theocharis participated online.