Monday, June 17, 2024
HomeFinanceEBRD to provide additional €300 million to support Ukraine's energy security

EBRD to provide additional €300 million to support Ukraine’s energy security

In response to Russia’s latest attacks on Ukraine’s energy infrastructure, the European Bank for Reconstruction and Development (EBRD) is providing further funding to the country’s state-owned energy companies, including EBRD clients Ukrenergo, Ukrhydroenergo and Ukrnafta.

EBRD President Odile Renaud-Basso signed a Memorandum of Understanding (MoU) on an energy security emergency response programme with Ukrainian Prime Minister Denis Shmyhal, setting out plans for further support for Ukraine’s energy sector.

Under the agreement, the EBRD intends to mobilise additional funding of more than 300 million euros for Ukraine’s energy companies, to support the restoration of generation facilities and infrastructure, to facilitate the construction of new distributed flexible generation capacity and to ensure stable and uninterrupted electricity supply across the country.

The EBRD and the Government of Ukraine will work together to define priority focus areas in the energy sector, which will guide EBRD support.

The Bank, which has made more than 4 billion euros of financing available to Ukraine since Russia embarked on its full-scale war there in February 2022, has reworked its investment plans for this year to address the urgent energy needs arising from the recent attacks. Distributed energy generation development, including from renewable sources and the resilience of the power transmission system are key priorities in the EBRD’s engagement with energy sector clients.

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