DLA Piper has advised the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, commissioned by the German government, on the formation of an energy efficiency fund in Ukraine.

The fund is expected to become operational in 2017 and will provide a sustainable long-term mechanism to finance energy efficiency projects in Ukraine. The Fund will be jointly financed by the Ukrainian government and multiple donors, and will lead to mid- and long-term structural reforms to the energy-related social subsidy system and efforts to reduce the consumption of gas in residential buildings.

GIZ is a German body which campaigns for sustainable international development in more than 130 countries. It supports the German government, amongst other public and private sector clients, to meet their objectives in the field of international cooperation.

The DLA Piper team was led by Finance & Projects partners, Andreas Gunst and Oleksandr Kurdydyk, and included senior associate Mykhaylo Byelostotskiy and associate Stepanyda Badovska.

Andreas Gunst said: "Funding energy efficiency projects is fast becoming a central area of climate change finance and decarbonisation policies. Having advised on a variety of projects already, we are very pleased to support the Deutsche Gesellschaft für Internationale Zusammenarbeit by bringing our existing experience to this project."

Oleksandr Kurdydyk added: "This is a complex long-term project which is strategic for Ukraine. It requires an in-depth knowledge of the structuring of funds supported by Ukraine and the EU. We are very pleased to have worked with the German government in its efforts to develop energy efficiency in Ukraine".