EBRD and Italy lend €200 million to Ukraine’s hydropower entity
The European Bank for Reconstruction and Development (EBRD) has signed a €200 million loan package to Ukraine’s main hydropower generation company, Ukrhydrenergo, to strengthen Ukraine’s energy security.
The EBRD loan of €100 million, backed by a concessional parallel loan of €100 million from Italy, will provide emergency support to restore and maintain the company’s electricity production needs. It will finance the procurement of critical equipment for two of the state-owned company’s hydropower plants, Dnipro Hydro Power plant (HPP) and Seredniodnipro HPP as well as addressing Ukrhydroenergo’s liquidity needs.
Ukrhydroenergo is one of Ukraine’s main suppliers of renewable energy, and power generation is key for maintaining the stability of the power grid during emergencies in Ukraine.
According to EBRD, since the Russian invasion in February 2022, Ukrhydroenergo assets have suffered more than 50 military strikes, significantly damaging some hydropower plants and racking up around half a billion euros of costs – on top of the extensive cost of destruction caused to the Nova Kakhovka dam and Kakhovka HPP in southern Ukraine on 6 June 2023.
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