Ukrenergo raises over EUR€400 million for restoration of energy infrastructure

IHOR PYLYPIV – SUNDAY, 11 DECEMBER 2022, 10:49

The Ukrainian national energy company, Ukrenergo, will receive over EUR€400 million to purchase critical equipment for the restoration of the power grid infrastructure.

Source:  Press service of Ukrenergo

Details: The attraction of funds became possible due to the decision of the government to provide a state guarantee for the European Bank for Reconstruction and Development loan in the amount of EUR€300 million, which will be supplemented by a grant from the government of the Netherlands.

Quote: "Also on Friday [9 December – ed.], the government approved the provision of a state guarantee for a EUR€32.5 million KfW loan to finance the reconstruction of eight substations in the southwestern area [of Ukraine]," the statement said.

Details: Ukraine’s Cabinet of Ministers also approved the Law of Ukraine on the Ratification of Amendments to the Financial Agreement with the European Investment Bank, which will allow the country to continue using the remaining balance of the loan (EUR€37.55 million) to fund the reconstruction of one of the country’s key substations in the central area.

Background:

The German state-owned bank KfW will provide Ukraine with a loan of EUR€32.5 million to restore substations damaged by the Russian attacks.

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