The European Bank for Reconstruction and Development plans to provide the company Ukrenergo with a loan of up to €90 million under a state guarantee. The funds will be directed towards upgrading key substations in Ukraine, purchasing critically important electrical equipment, as well as equipment for intersystem connections.
This is reported by Finway
Enhancing the resilience of the energy system
The total funding for the project will amount to €150 million, of which up to €60 million will be provided in the form of grants from international donors. The aim of the investment is to strengthen the stability of the Ukrainian energy system, which regularly faces attacks from the Russian Federation. The funding will allow for the reconstruction of three existing substations and the completion of the construction of another new substation. This will ensure a more reliable supply of electricity for Ukrainian consumers and businesses even in the face of constant threats.
Ongoing support for Ukrenergo from EBRD
The project has already passed final verification and is currently awaiting approval from the bank’s board of directors. Since February 2022, EBRD has provided loans to Ukrenergo three times and has also made emergency investments to restore the energy infrastructure that has been damaged due to Russian aggression.
The €150 million project will enhance the resilience of the electricity transmission system amid ongoing Russian attacks to ensure uninterrupted electricity supply to the population and businesses across Ukraine.