The First Deputy Prime Minister of Ukraine, Minister of Energy Denys Shmyhal, held talks with the Vice President of the European Investment Bank, Karl Nehammer, regarding the prospects for expanding cooperation in the energy sector.
This is reported by Finway
Current projects and strategic priorities
Currently, Ukraine and the EIB are jointly implementing eight projects with a total value of 1.3 billion euros. Among the key tasks identified by the parties as priorities are preparations for the upcoming autumn-winter period, the restoration of damaged energy infrastructure, and the implementation of medium- and long-term initiatives in the energy sector.
“Today, cooperation with the EIB already covers 8 projects worth 1.3 billion euros. We are grateful for the consistent support that helps strengthen the resilience of Ukraine’s energy system,” Shmyhal noted.
The Ukrainian side has requested the EIB to expand the portfolio of joint projects and support new initiatives that encompass the protection of energy infrastructure, modernization of generation, development of electricity networks and the gas sector, as well as the creation of equipment reserves.
New areas of cooperation and financing
Among the specific areas of future interaction are the launch of a new project to enhance the resilience of electricity networks, support for the protection of substations, development of interstate interconnectors with further integration into ENTSO-E, implementation of decarbonization projects, and development of hydropower.
The head of the Ministry of Energy emphasized the importance of the continued participation of the European Investment Bank in financing key initiatives that will contribute to strengthening the country’s energy security.
Additionally, the expert working group has already recommended financing for 19 projects in the Ternopil and Chernivtsi regions within the framework of the joint Recovery Program of Ukraine III, which is being implemented together with the EIB.