Ukraine will receive a $378.425 million loan from the World Bank to improve the reliability of the power transmission system and support the implementation of the wholesale electricity market in Ukraine.
The respective decision has been taken by the World Bank’s Board of Executive Directors, the bank’s press service reported.
“The new project will help the national energy company Ukrenergo to design and implement high-priority transmission system rehabilitation measures and upgrades, increasing the system’s reliability. It aims to make substations more efficient through reducing the number of outages, while strengthening electricity market performance,” reads the statement.
It also notes that the project includes a $48.425 million loan provided by the Clean Technology Fund (CTF), which will be used to assist Ukrenergo in the design and installation of the next generation of modern communications, grid management, and control systems, which will enable large-scale integration of wind and solar energy resources and improve management and operation of the transmission network.
In addition, the project provides $2.5 million of institutional support to Ukraine’s Ministry of Energy and Coal Industry for the implementation of energy sector reforms in line with its commitments within the Energy Community and the EU Association Agreement.
As reported, the World Bank in 2014 approved loans to Ukraine in the amount of up to $3.5 billion, and $2.5 billion has already been allocated for various projects.
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