Greece’s largest construction company, GEK Terna, became the first European firm to enter Ukraine after signing a Non-Disclosure Agreement (NDA) with Ukrainian Ukrhydroenergo.
The signing of the NDA is the second step in the procedure, after the two corporations signed a Memorandum of Understanding (MoU) in November 2025. The plan is to develop and carry out large hydroelectric and pumped storage hydropower (PSH) projects with a total budget of 1.5 billion euros.
The NDA agreement allows GEK Terna, a subsidiary of the GEK-TERNA Group, to access critical technical and operational data to advance with development plans.
Specifically, the plan involves the Dniester Pumped Storage Power Station, with a capacity of 1,263 MW, and a new 220 MW pumping station.
The deal marks the first agreement by a Greek and European infrastructure group in Ukraine’s energy sector.
The two projects are located in western Ukraine and will initially be implemented within the framework of a Memorandum of Understanding (MoU).
At the same time, the two companies are exploring additional opportunities in hydroelectric and pumped-storage projects across the country.
The critical energy infrastructure projects to be carried out by TERNA are expected to contribute to the stabilization of Ukraine’s energy grid and accelerate the country’s energy transition. They are also anticipated to receive significant support from international financial institutions and European bodies, such as the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB), including technical and regulatory assistance.
The NDA was signed by GEK TERNA’s Executive Director for International Development, Stathis Natsis, and Ukrhydroenergo CEO Bohdan Sukhetskyi at the national “Greece” pavilion of Enterprise Greece, as part of the international construction and infrastructure exhibition “KyivBuild Ukraine 2026” in Kyiv.
