EBRD allocates nearly EUR 150 mln to Ukrenergo for upgrade

EBRD allocates nearly EUR 150 mln to Ukrenergo for upgrade

Ukrinform
The European Bank for Reconstruction and Development (EBRD) has allocated a EUR 149 million loan to private JSC Ukrenergo under state guarantees for the implementation of the project "Ukrenergo Transmission Network Modernization," Ukrenergo's press service has reported.

"Private JSC Ukrenergo has signed a loan agreement with the European Bank for Reconstruction and Development for the amount of EUR 149 million under state guarantees approved by the Finance Ministry and the National Commission for State Regulation of Energy and Public Utilities. The loan is granted for 15 years with a grace period of 4.5 years. The company plans to spend these funds on the implementation of the project 'Ukrenergo Transmission Network Modernization'," the report reads.

It is also planned to replace 26 transformers with the simultaneous transition to modern switchgear schemes.

This set of measures will greatly increase the efficiency and reliability of the transmission system and allow the control of substation equipment remotely. The project is to be completed tentatively in 2024.

On July 29, Ukrenergo was registered as a private joint-stock company wholly owned by the state. The Finance Ministry approved an order to convert Ukrenergo into a joint-stock company on July 29. The ministry also approved the company's charter, with authorized capital amounting to UAH 37.2 billion.

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