Cooperation agreement signed between HEP and Ukrainian DTEK

Cooperation agreement signed between HEP and Ukrainian DTEK

Memorandum of understanding and business cooperation was signed today in Split between Hrvatska elektroprivreda d.d. and the Ukrainian energy holding company, DTEK. The Memorandum was signed by DTEK’s Chief Executive Officer, Maxim Timchenko and the President of HEP’s Management Board, Frane Barbarić, in the presence of the Prime Minister of the Croatian government, Andrej Plenković and the Croatian government ministers. 

The memorandum of understanding and business cooperation presents the foundation of future cooperation between the two companies, through their joint appearance at foreign markets, joint investments in the field of generation and trade of electricity, gas and other energy generating products.

It is natural that two big and important power utility companies, such as HEP and DTEK open the possibility of expanding mutual business cooperation by signing the memorandum. We expect our cooperation in the future to contribute to the growth and even better business results of both partners. At the same time, it can make a significant contribution to achieving strategic objectives of Croatian energy industry, such as diversification of energy generating products’ sources and strengthening Croatian energy security and stability. Regarding renewable energy sources, both HEP and DTEK have achieved a significant breakthrough in recent years. When it comes to HEP, the Croatian public could have seen it a couple of days ago when the Wind Farm Korlat project was presented. Therefore, we see big opportunities and space for intensive mutual cooperation in the development of renewable sources, said Frane Barbarić, the President of HEP’s Management Board.

For some ten years HEP has been present at electricity and gas markets in different ways, from Germany to Kosovo. It accomplished a significant share at the Slovenian electricity supply market, and it is becoming more and more present at markets in Serbia and Bosnia and Herzegovina. HEP has been considering further business expansion as part of the existing foreign companies’ business or the possible establishment of new companies, strategic partnerships and acquisitions. The areas with the option of appearing at foreign markets are investments into generating facilities, primarily renewable energy sources; trade and supply of electricity and gas, as well as energy efficiency projects.  

The importance and potential of the memorandum signed today is reflected in the fact that DTEK is the biggest private energy company in Ukraine, the biggest private producer of gas and one of the three biggest investors in renewable energy sources (sun and wind). DTEK’s total installed capacities for electricity generation amount to 17 GW. DTEK distributes electricity for 3.6 million customers.