Evaluation report: Evaluation of the bilateral Finland-Ukraine energy efficiency and renewable energy trust fund

The Ministry of Foreign Affairs commissioned an external final evaluation of the bilateral Finland-Ukraine Trust Fund (FUTF) managed by the Nordic environmental finance company Nefco and the Ukrainian Agency for Energy Efficiency and Energy Saving (SAEE).

Established in 2017, the fund has been set up to help Ukraine improve its energy efficiency. The aim of the Fund was to enhance reforms on energy efficiency, promote new technologies and the flow of private sector and international investor finance to Ukraine's energy sector, and support Ukraine in creating a national financial instrument to support renewable energy. Finland contributed EUR 6 million to the fund.

The fund spent EUR 3.8 million over its lifetime, by the end of 2023, and was particularly affected by the full-scale war of aggression launched by Russia against Ukraine in February 2022, but also by the Covid-19 pandemic. At the end of the project, the unspent money was invested in support of Ukraine's energy sector through the Energy Efficiency Fund (E5P) European Bank for Reconstruction and Development (EBRD).

According to the evaluation, the fund has produced, among other things, good quality studies that meet the needs of the beneficiaries. The report includes recommendations for their further use.

Publication

Report: Final project evaluation of the Finland Ukraine Trust Fund at NEFCO (PDF, 62 pages, 2.1 MB)