Economic and mathematical evaluation of Ukraine’s renewable energy development with consideration of military risks

This article explores the renewable energy development in Ukraine, taking into account military risks through an economic-mathematical assessment of its investment attractiveness. To evaluate the investment priorities of renewable energy in Ukraine, two strategies have been considered – traditional and the one taking into account ESG factors. Using the Fuzzy TOPSIS approach, the main priorities of renewable energy in Ukraine have been determined: solar power plants for the traditional strategy, and for the ESG strategy – biomass power plants. For further evaluation of the investment attractiveness of the identified priorities, a multifactor model for assessing investment attractiveness using the method of integral assessment was constructed. The model is based on four primary indicators: development prospects, return on equity of enterprises, level of inflation stability in industry prices, and industry-specific risks. First published online 3 March 2026