EBRD Supports Hydropower Project in Ukraine
29 September 2011: The European Bank for Reconstruction and Development (EBRD) has approved a loan to finance upgrades of hydro- and electro-mechanical equipment at Ukrgidroenergo's (UHE) hydropower plants. UHE is Ukraine's state-owned operator of large hydro-generating and pump storage facilities.
The €200 million, 15-year sovereign loan will finance the modernization of 28 power units at six hydro-power plants on the Dnieper River, and thus improve their reliability and operating costs, as well enhance the use of water resources and safety of the power plants and dams.
The EBRD loan is part of a larger project that includes similar-sized parallel financing from the European Investment Bank (EIB). Riccardo Puliti, Managing Director for Energy and Natural Resources, EBRD, noted that the project is consistent with EBRD's policy on commercialization and efficiency improvement of the transmission network, as well as on the improvement of performance and reduction of carbon footprint of generation facilities. [EBRD Press Release]