Finance

Ukrhydroenergo receives €133 million from EIB for hydroelectric power rehabilitation

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Ukrhydroenergo receives €133 million from EIB for hydroelectric power rehabilitation

The European Investment Bank has committed a tranche of €133 million (US$143.2 million) to Ukrhydroenergo for “rehabilitation of hydroelectric power stations,” bringing the bank’s total investment to €200 million ($215.3 million).

Ukrhydroenergo is continuing implementation of this complex project, which started in 2012, to reconstruct 21 hydroelectric units at stations in the Dnipro river basin, namely: 418.8 MW Kyiv, 444 MW Kaniv, 624 MW Kremenchuk, 325 MW Middle Dnipro, 1,569 MW Dnipro 1 and 661 MW Dnipro 2. EIB’s previous allocation of €67 million ($72.1 million) to finance the project was fully used in mid-2022.

“We are grateful to our partners for the provided funds and maximum assistance in the implementation of projects in this difficult time. Thanks to the received funds, we will be able to purchase critical equipment in order to quickly respond in case of emergencies and ensure the prompt restoration of the functioning of both the company’s stations and the United Energy System of Ukraine,” said Ihor Syrota, general director of Ukrhydroenergo. “Also, the company will be able to continue to reconstruct the hydroelectric units of the Ukrhydroenergo HPP and GAPP on the Dnipro, which in turn will increase their operational reliability and capacity.”

The allocated funds will be directed not only to the modernization and reconstruction of hydropower facilities owned by Ukrhydroenergo, but also to the restoration of damaged power facilities and capacities lost as a result of shelling. This is especially important in view of the partial destruction of the Dnipro Hydroelectric Power Station and the destruction of the Kakhovka hydroelectric dam, Ukrhydroenergo said.

“Since the beginning of the full-scale invasion and to this day, Ukraine’s energy facilities, including hydroelectric power stations, have been under constant attack. And while Russian bombs bring destruction, we have been unwavering in our support for Ukraine from the very beginning,” said EIB Vice President Tereza Chervinska, who is responsible for the bank’s operations in Ukraine. “This EUR 133 million underlines our strong commitment to helping the country, in particular, in strengthening its energy infrastructure. They will enable Ukrhydroenergo to maintain equipment reliability, which is extremely important for the stable and uninterrupted operation of Ukraine’s energy system.”