EBRD to fund €150M in support of Ukraine’s electricity provision

The European Bank for Reconstruction and Development (EBRD) will extend a €150 million sovereign-backed loan to Ukraine’s electricity transmission company, Ukrenergo, to support Ukraine’s energy security, the bank announced on Monday.

The funding will support the functioning of the country’s power transmission infrastructure and the uninterrupted operation of its electricity generators, including renewables, as well as help to provide power supply to Ukraine’s households.

An EBRD statement said the loan will be in addition to a package of €520 million the EBRD has already provided since the start of the Russian-Ukrainian war last year.

The latest Ukrenergo loan follows a €200 million loan in November to Ukraine’s gas entity, Naftogaz (NAK), to help it build up strategic gas reserves.

‘We are proud to continue our support for Ukrenergo​​​​​​​ in these difficult times and would like to express our deepest appreciation for the exceptional work in keeping the power system operational during the war following the massive attacks on Ukraine’s energy infrastructure by the Russian military,’ EBRD President Odile Renaud-Basso was quoted as saying in the statement.

‘This new financing is part of a comprehensive EBRD package to support energy security in the gas and electricity sectors,’ Renaud-Basso said.

• European Bank for Reconstruction and Development (EBRD)