Finance

Ukrhydroenergo, banks discuss financing restoration of damaged hydro facilities

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Ukrhydroenergo, banks discuss financing restoration of damaged hydro facilities
(photo courtesy UkrHydroEnergo)

Management and representatives of the supervisory board of Ukrainian hydro utility Ukrhydroenergo participated in negotiations with representatives of several multilateral financial institutions to discuss restoring damaged equipment in hydro stations.

Ukrhydroenergo has lost more than 2 GW of generating capacity due to shelling by the Russians, it reported during the Ukrainian Energy Transition Forum in April.

The discussion included issues related to support by the International Bank for Reconstruction and Development (IBRD), European Bank for Reconstruction and Development (EBRD) and European Investment Bank (EIB) to finance the process of restoring the damaged equipment.

Ukrhydroenergo reported an emergency component has been agreed upon for funding in connection with the response to military aggression. This involves the redistribution of part of the funds to restore hydro stations that suffered as a result of rocket attacks.

During the meeting, the specialists focused on the topic of completing two project, the update of the Dniester hydropower plant and the construction of the Kaniv hydropower plant.

Negotiations were also held with specialists of the EBRD and EIB, during which the issue of additional protection of critical infrastructure facilities and the urgent need to finance equipment for the restoration of hydro generation facilities were discussed.

In addition, special attention was paid to the issue of restoration of the 351 MW Kakhovskaya (Kakhovka) hydropower plant after de-occupation. Russian forces captured the hydro project in February 2022.

Ukrhydroenergo Chief Executive Officer Ihor Syrota will speak during the opening keynote session at HYDROVISION International 2023, so plan to join us and learn more about the situation in the Ukraine in person.