Ukrenegro gets $314 M loan from EBDR for grid restoration
Ukraine’s grid operator Ukrenegro has secured $314 M (€300 M) in loans from the European Bank for Reconstruction and Development (EBDR)
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Ukraine, Kyiv: Ukraine’s grid operator Ukrenegro has secured $314 M (€300 M) in loans from the European Bank for Reconstruction and Development (EBDR).
In addition to the loan funds from EBRD, the operator has also received $75 M ($72 M) grant funds from the Netherlands to restore the electricity network and improve the company’s financial stability.
The operator said that $157 M (€150 M) from the loan and the grant from the Netherlands will be utilised for the purchase of equipment needed to repair substations damaged or destroyed in missile strikes.
The remaining $157 M of the EBRD loan will be used to replenish Ukrenergo’s working capital, in particular, to fulfil the company’s financial liabilities in the electricity market that have been incurred on the market due to the war, said Ukrenegro in a statement.
“We are grateful to our international partners for significant financial assistance. This will accelerate the acquisition of critically needed equipment and the restoration of networks damaged by Russian missiles. This is your contribution to the reliability of the power system, the financial stability of the company and, most importantly, to the return of light to every Ukrainian,” commented Oleh Pavlenko, Director of Investments of NEC Ukrenergo.
Source: Ukrenegro
#electricity network restoration#European Bank for Reconstruction and Development#funding#loan#substations#Ukrenegro