Ukrenergo receives EUR 372 mln from EBRD, Netherlands to restore substations, improve financial stability.

Ukrenergo has attracted EUR 300 million in loans from the European Bank for Reconstruction and Development (EBRD), as well as EUR 72 million in grant funds from the Netherlands to restore networks and improve the financial stability of the company.

Its press service recalled that EUR 150 million from the EBRD and EUR7 2 million of the grant will be used to purchase equipment that is urgently needed for substations that suffered massive Russian missile attacks.

The remaining EUR 150 million of the EBRD loan will be used to replenish Ukrenergo's working capital, in particular, to fulfill the company's financial obligations in the electricity market in the face of non-payments that arose on the market due to the war.

"We are grateful to our international partners for significant financial assistance. This will speed up the purchase of critically needed equipment and the restoration of networks damaged by Russian missiles. This is your contribution to the reliability of the energy system, the financial stability of the company and, most importantly, to the return of light to every Ukrainian," director for investment at Ukrenergo Oleh Pavlenko said.

According to him, the provided financing will allow reducing the company's necessary expenses for the purchase of equipment for the restoration of the power grid, which suffered significant damage as a result of seven massive enemy missile attacks.

Ukrenergo actively attracts aid from international colleagues and partners through the necessary equipment and finances. This helps repair and restore the networks faster, maintain the stable operation of the energy system and the functioning of the electricity market in extreme conditions of war," the report says.

Tags: #energy #ebrd #ukrenergo #netherlands