The companies will assess the feasibility of developing hydroelectric plants or converting existing ones into pumping stations.

Future construction work would take place under specific contracts.

The memorandum was signed at the Ukraine Reconstruction Conference in Rome by the Italian Ministry of Foreign Affairs and International Cooperation.

A World Bank and European Commission assessment has predicted that the cost of rebuilding Ukraine will reach €383bn across a 10-year period, 22% of which will be spent on transport, 17% on residential buildings and 11% on the energy sector.