Finance

EBRD affirms continued assistance to Ukrhydroenergo for hydro plant restoration

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EBRD affirms continued assistance to Ukrhydroenergo for hydro plant restoration
(photo courtesy Ukrhydroenergo)

During its annual review of the loan portfolio of projects, the European Bank for Reconstruction and Development affirmed it would continue to support hydro plant restoration work by Ukrhydroenergo in the Ukraine.

In April 2023, Ukrhydroenergo reported it had lost more than 2 GW of generating capacity due to shelling by the Russians.

On June 21, 2023, EBRD, the Government of Ukraine and Ukrhydroenergo signed a memorandum on the joint preparation of a project for the emergency restoration of hydroelectric power plants.

The annual review by EBRD, with participation from specialists with Ukrhydroenergo, included discussion of the key measures and results of work under the project “Rehabilitation of hydropower plants,” which has been in effect since 2012, and planned a list of measures for 2024.

The participants also considered the state of preparation of the project “Emergency restoration of hydroelectric power plants,” which is anticipated to be funded by the EBRD and the Government of Italy. The goal of the project is to restore and increase operational reliability, as well as to ensure efficient and trouble-free operation of equipment at Ukrhydroenergo hydroelectric power stations that were damaged by the military aggression of the Russian Federation, according to a release.

Earlier this month, Hydro Review reported that the European Investment Bank committed a tranche of €133 million (US$143.2 million) to Ukrhydroenergo for “rehabilitation of hydroelectric power stations,” bringing that bank’s total investment to €200 million ($215.3 million).