The European Bank for Reconstruction and Development (EBRD) approved a financing package in the amount of EUR 372 million to support “Ukrenergo” (an electricity transmission system operator in Ukraine) on November 23, 2022.
“The European Bank for Reconstruction and Development (EBRD) has approved a financing package that will bring €372 million to support Ukraine’s electricity transmission company, Ukrenergo, to make swift emergency repairs of damages caused by heavy bombings of civilian power infrastructure during Russia’s war on Ukraine and to keep the country’s energy system stable as winter sets in,” noted the EBRD.
It is noted that the EBRD would provide a loan under state guarantees in the amount of 300 million euros, which includes two components. Up to EUR 150 million is for the purchase of equipment for emergency repairs of the Ukrainian energy system, and another EUR 150 million consists of capital structure support.
Separately, part of the loan for emergency repairs will be supplemented by a grant of up to 72 million euros provided by the Netherlands.
“We are working to commit the loan funds at the earliest opportunity, given that the winter season has already started and the stability of the country’s energy system is strategically important,” said Managing Director of the EBRD for Eastern Europe and the Caucasus Matteo Patrone.