Monday, July 15, 2024
HomeElectricityUkrenergo and KfW Development Bank sign €15 million to rebuild electricity infrastructure

Ukrenergo and KfW Development Bank sign €15 million to rebuild electricity infrastructure

Ukraine’s power company Ukrenergo and state-owned German KfW Development Bank signed a grant agreement for 15 million euros to purchase critical equipment and restore the high-voltage network after massive Russian attacks.

Financing was provided under the EU Neighbourhood Investment Platform (NIP) which aims to attract additional funding for large-scale infrastructure projects in EU partner countries that are part of the European Neighbourhood Policy (ENP).

The grant agreement marks the first phase of cooperation between Ukrenergo, KfW and the European Commission under the Project of Reconstruction and Rehabilitation of Electricity Transmission Infrastructure in Ukraine. Shortly, it is planned to allocate funding for the implementation of the second phase of the project.

“Amid the constant Russian terrorist attacks on Ukrainian energy, the contribution of our partners to the protection and restoration of energy infrastructure signifies a significant support for the country’s energy security,” said Volodymyr Kudrytskyi, Chairman of the Management Board of Ukrenergo.

“Reconstruction, rehabilitation and extension of the electricity infrastructure are of highest relevance for the recovery and economic development of Ukraine,” stressed Christiane Laibach, Member of the KfW Executive Board. “Thanks to increased energy efficiency and the integration of the Ukrainian grid into the European the electricity supply will be stabilised. Therewith, the framework conditions for economic activity and daily life of the Ukrainians in the whole country will be improved.”

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