This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
ELQ, a Polish manufacturer of transformer stations, aims to take part in the reconstruction of Ukraine’s energy sector – and does not intend to wait for the war to end. This semester, it will begin building solar farms with energy storage systems.
“Ukraine needs new sources of energy as soon as possible,” says the company’s owner, Marcin Sołtysiak. He adds that among the partners interested in joint investments are firms from the Arab world and the United States.
For decades, ELQ has specialized in manufacturing transformer stations for the energy sector. A few years ago, it developed expertise in building photovoltaic farms in Poland, and today it is expanding its solar projects into Ukraine. Marcin Sołtysiak, the company’s main shareholder and CEO, has even more ambitious plans. Building on the Polish company, he aims to create a strong player in energy storage, small nuclear reactors, and drone production.
Many Polish companies want to participate in Ukraine’s reconstruction, but not all are ready to act immediately. ELQ has decided to pursue investments even before the Russian aggressor leaves Ukrainian territory.
“We will not wait for the war to end. Ukraine needs new sources of energy as soon as possible, because a large portion of its power plants has been destroyed by Russian missiles. Each project will be insured against war-related risks. Our goal is to actively participate in the first phase of rebuilding Ukraine’s energy infrastructure. We do not want to postpone investment decisions until the postwar period; we want to establish our presence now – in a structured and long-term way,” explains Marcin Sołtysiak, ELQ’s CEO.
Massive investment needs
Ukraine’s needs are immense. According to the Center for Eastern Studies – a Warsaw-based think-tank, this winter Russia attacked the country’s energy system on an unprecedented scale. By destroying power plants, heating facilities, and energy grids, it sought to trigger a humanitarian crisis in Ukraine’s largest cities and push the entire system to the breaking point.
The World Bank, together with the Ukrainian government, the European Commission, and the UN, has calculated that Ukraine will need USD 588 billion over the next ten years to rebuild the country. Nearly USD 91 billion of that will be required for the energy sector alone. This represents a huge opportunity for Polish companies, and ELQ wants to board that train as quickly as possible.
“Early involvement allows us to help shape the standards and market structure, rather than merely joining it at a later stage. We are not talking about individual projects, but an entire ecosystem designed to help rebuild Ukraine’s energy sector. Our expanding portfolio covers complementary energy generation segments – from solar installations and energy storage to biogas and small nuclear reactors,” explains Marcin Sołtysiak.
The company already has experience in the renewable energy sector. For several years, it has been building photovoltaic farms in Poland for large corporations. Its advantage lies in its in-house production of transformer stations. This year, ELQ will move production to a new facility in Częstochowa, increasing capacity to 5,000 stations per year – equivalent to the total annual demand for these products in Poland.
Soon, the company also plans to begin producing energy storage systems in Częstochowa. Moreover, at the end of last year, ELQ’s management decided to enter the defense industry and has already signed initial letters of intent – among others, with a Ukrainian drone manufacturer. The company’s goal is to launch drone production in Poland, leveraging experience gained from real-world combat operations.
Projects ready for execution
ELQ’s energy project portfolio in Ukraine includes renewable energy generation capacity totaling 2 GW, with planned investments of EUR 2.5 billion. The company reports that 14 of these projects are already ready for construction. These are primarily photovoltaic installations paired with energy storage systems. In the future, some of the projects may also include data centers. ELQ is currently finalizing financing for its projects. The core model assumes 10 percent equity from the company, 60 percent from international institutions, and 30 percent from private investors.
“Among the partners interested in investing alongside us are companies from around the world, including the Arab world and the United States. We aim to begin construction of the first facilities in the second quarter of this year,” emphasizes Marcin Sołtysiak.
Private investment in Ukraine already underway
For months, international financial institutions have sought ways to attract foreign investors to Ukraine and offer them optimal financing solutions for energy sector projects. Today, Grzegorz Zieliński, Director and Head of the Energy Team for Europe at the European Bank for Reconstruction and Development (EBRD), acknowledges that these efforts are paying off. Private companies, without waiting for the end of hostilities, are already beginning to invest in new energy sources.
“This is a visible trend among both local and foreign investors,” emphasizes Mr. Zieliński.
In his view, securing financing for projects in Ukraine is feasible even amid the ongoing war.
“As the EBRD, we have already closed financing for several initial renewable energy projects,” Mr. Zieliński confirms.
The EBRD, together with the European Union and the World Bank, is also working on a new support model for renewable energy in Ukraine. It is designed to respond to the country’s current needs while attracting investors and banks. The program is expected to be implemented by the end of 2026.
At the end of 2025, Polish energy group Unimot also announced plans to invest in Ukraine’s renewable energy sector. In partnership with the Lviv-based company Eco-Optima, it intends to build solar power plants and energy storage facilities, as well as explore gas and oil reserves.
“We believe in Ukraine’s future. We are not waiting for the war to end to start investing – we are acting now,” said Adam Sikorski, CEO of Unimot.
A small reactor for Ukraine
ELQ’s plans also include building Ukraine’s first small modular nuclear reactor (SMR). SMR technologies are being developed in several countries, with the first commercial deployments expected around 2030. ELQ has chosen a reactor from the Czech company Witkowitz. According to the firm, the SMR – delivering 50 MW of electrical power and 175 MW of thermal power – is already at the pre-certification stage in Ukraine. The facility is planned near a major Ukrainian city and will supply both electricity and heat to local residents.
“We spoke with several reactor suppliers but decided to partner with the Czech group Witkowitz. We anticipate that within a year and a half, the reactor will be approved by the Ukrainian nuclear regulator. Once the regulatory process is complete, the project will move into the implementation phase according to the investment schedule, following the standard construction cycle for this type of infrastructure. By the early 2030s, we should be producing nuclear energy,” says Marcin Sołtysiak.
Why not build the first reactor in Poland?
“In Poland, administrative processes for nuclear investments have their own specific characteristics and pace, shaped by national regulatory conditions. In other jurisdictions, procedural timelines can differ, reflecting the sector’s experience and history. Ukraine, with its long-standing nuclear energy tradition, has well-developed institutional expertise and established regulatory frameworks in this area, which facilitates the organization and execution of administrative procedures,” explains ELQ’s CEO.
Too little data
We asked several nuclear energy experts about the Czech SMR technology to assess whether ELQ’s claims of commissioning such a facility in the early 2030s are realistic. None were willing to provide an official comment. The reason? There is too little verified information publicly available about this reactor.
One expert noted that declarations of deploying nuclear technology within a few years -based on “simpler” regulations in Ukraine – may, in his view, resemble selling promises without sufficient factual backing.
We also reached out to Ukraine’s nuclear energy regulator to ask whether it is engaging with foreign investors regarding the development of small modular reactors. No response was received. However, a recently published regulatory plan for 2026 indicates that one of its priorities is implementing new types of nuclear power plants in the country. Among them, it lists the large AP1000 reactor produced by the American company Westinghouse, as well as small modular reactors – without specifying which technology is being considered.
Good to know
From food industry to energy
Marcin Sołtysiak opened his first company at the age of just 20. At the time, he operated in the food sector and, by his own admission, earned significant wealth. Four years later, he aimed to acquire Huta Zawiercie, but the plant ultimately went to an American company. So Mr. Sołtysiak turned to the transport industry. As a freight forwarder, he managed a fleet of more than 8,000 trucks and organized logistics for some of the largest corporations operating in Poland. After several years, he sold the business and began importing biomass for energy companies, bringing shipments such as palm kernel shells from Indonesia to Poland.
In the meantime, he decided to help a fellow entrepreneur save his factory. By his own account, the project carried high investment risk and, due to a partner’s disloyalty, resulted in significant financial losses.
In 2012, Mr. Sołtysiak made a strategic capital investment in the Częstochowa-based transformer station manufacturer ELQ. He carried out a restructuring and operational stabilization of the company and subsequently listed it on the NewConnect stock market. In the following years, he diversified the group’s activities, including into renewable energy installations.
Today, ELQ is developing its energy project portfolio in Ukraine and exploring entry into additional business areas. Mr. Sołtysiak, together with affiliated entities, controls approximately 93 percent of ELQ’s shares. The company’s market value stands at PLN 248 million.
Key Takeaways
- ELQ also intends to build Ukraine’s first small modular nuclear reactor (SMR), based on technology acquired from the Czech group Witkowitz. According to the company’s CEO, the reactor is expected to receive approval from the Ukrainian nuclear regulator within a year and a half, with the first nuclear energy potentially coming online in the early 2030s. However, nuclear energy experts we consulted declined to comment on these plans, citing a lack of verified information about the Czech reactor.
- Polish company ELQ, a specialist in transformer station manufacturing, plans to engage in the reconstruction of Ukraine’s energy sector. The firm does not intend to wait for the war to end and will begin building the first solar farms with energy storage in Ukraine this semester. Fourteen projects are already ready for execution, and the company estimates the total potential investment portfolio at EUR 2.5 billion. ELQ is currently finalizing financing for the initial projects. “Among the partners interested in investing with us are companies from around the world, including the Arab world and the United States,” emphasizes Marcin Sołtysiak, ELQ’s CEO.
- The European Bank for Reconstruction and Development (EBRD) confirms that private companies are already investing in renewable energy in Ukraine, despite the ongoing war. “This is a visible trend among both local and foreign investors,” notes Grzegorz Zieliński of the EBRD. He adds that the bank has already closed financing for several initial projects, demonstrating that securing capital is possible even under wartime conditions.