Repair

EBRD-led package earmarked for energy infrastructure repair in Ukraine

The European Bank for Reconstruction and Development has approved a financial package worth 372 million euros to support Ukrenergo, the Ukrainian public operator of the national electricity grid.

This is according to a statement issued by the bank’s press service, as seen by Ukrinrform.

“The European Bank for Reconstruction and Development (EBRD) has approved a financing package that will provide €372 million to help Ukraine’s electricity transmission company, Ukrenergo, carry out rapid emergency repairs to damage caused by the massive bombings of civilian electrical infrastructure during the war against Russia and Ukraine and to maintain the stability of the country’s energy system as winter sets in,” the statement said.

The EBRD will provide a sovereign-guaranteed loan of €300 million comprising two components. Up to 150 million euros are intended for the purchase of equipment to carry out emergency repairs on the Ukrainian electricity transmission system. An additional amount of EUR 150 million consists of capital structure support.

In addition, the emergency repairs part of the loan will be complemented by a grant of up to EUR 72 million provided by the Netherlands.

As reported by Ukrinform, Norwegian Finance Minister Trygve Slagsvold Vedum on November 21 signed an agreement with the European Bank for Reconstruction and Development to provide funding in the amount of NOK 2 billion so that Ukraine can buy natural gas this winter.