Metinvest invests $44 million in solar and gas-fired generation

Metinvest Group is investing $44 million in solar and gas-fired generation, and plans to provide 50% of its own power by 2030. This is stated in the article by Forbes Ukraine.

On April 15, the company launched its first gas-fired power plant – four units with a total capacity of 10 MW from Turkey’s Dalgakiran, which will strengthen the energy security of Kametstal. In total, the company needs up to 150 MW, said Metinvest’s Chief Operating Officer Olexander Myronenko.

By the end of May, Metinvest plans to launch another 19 MW of gas reciprocating units at Northern and Central Minings. The steel mills have installed four units from Jenbacher (11 MW total capacity) and Cummins (8 MW), respectively. They will be commissioned shortly after test runs.

Infrastructure preparation included road construction, concrete pads, transformers, new electrical equipment, and gas supply. Security factors were also taken into account: protection against shelling was provided, and the installations were further dispersed.

Total investments in gas generation in 2025 will amount to $26 million. In 2025-2026, the Group plans to invest $18.1 million in 37 MW of solar power plants at Central Mining and Kametstal.

According to Oleksandr Myronenko, under favorable conditions, the company can achieve 50% energy independence in three to four years. To do so, the company needs a favorable investment climate and favorable loans. It will also depend on external conditions, including the course of the war. The company is currently developing a strategy for the energy mix and cost of projects. Metinvest’s consumption averaged 672 MW in 2024 and 1405 MW in 2021.

Solar power generation will help reduce Metinvest’s carbon footprint, but not as much as equipment modernization and the transition to electrometallurgy. The carbon factor is important for companies exporting steel products to the EU, as they will have to pay a border carbon tax under the CBAM mechanism starting in early 2026.

The share of nuclear and renewable electricity in the structure of the Ukrainian energy system has increased due to Russian attacks on thermal power plants. However, according to Oleksandr Myronenko, the company needs time to meet EU standards. He expressed a wish to postpone CBAM obligations for Ukraine for 3-5 years, taking into account the war.

Metinvest plans to switch to electrometallurgy after the war is over, which will take 7-8 years and $8 billion.

As for the group’s foreign operations, Metinvest does not yet see any point in developing their energy independence because of the stable electricity supply. However, the company, together with DTEK, is considering the construction of a solar power plant on the territory of the Bulgarian Promet plant with a view to selling electricity. The timing of the installation is not yet known and negotiations are underway.

As GMK Center reported earlier, steelmakers need government support to postpone CBAM requirements and have time to adapt. This opinion was expressed by Metinvest Group’s Chief Operating Officer Alexander Mironenko at Business Wisdom Summit 2025. During the war, the European market has become a priority for Ukraine, so the mechanism will have a negative impact on its economy.