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  • UKRENERGO AND EBRD SIGN A €149 MLN LOAN AGREEMENT FOR GRID UPGRADES

    PrJSC Ukrenergo and the European Bank for Reconstruction and Development have signed an agreement for a sovereign-guaranteed loan of €149 million approved by the Ministry of Finance and the NEURC. This 15-year loan will have a 4.5-year grace period. 

    The company plans to use the funds to implement the project for the upgrade of Ukrenergo’s key transmission infrastructure.

    The project involves, inter alia, the upgrade of 12 substations in the Western, Northern, Central and Southern regions. Namely, a process automation system for substations (PASS) will be introduced. The effort will cover the following substations: 750kV Zakhidnoukrainska, 400kV Mukacheve, 330kV Yavoriv, 330kV Lviv Pivdenna, 330kV Novovolynsk, 330kV Hrabiv, 750kV Donbaska, 330kV Myrhorod, 330kV Kupiansk, 330kV Mykolaivska, 330kV Trykhaty, 330kV Lisova. It is also planned to replace 26 transformers, while introducing modern switchgear circuits.

    This package of measures should boost the efficiency and reliability of the transmission system and allow the remote control of substation equipment. The project’s anticipated completion is in 2024.

    Minister of Finance Oksana Markarova thanked Matteo Patrone, EBRD Managing Director for Eastern Europe&Caucasus (EEC), for his personal contribution in the EBRD’s support of the reform in Ukraine over the past few years, as well as the Bank’s lively investment in development projects such as modernization of the power transmission system. “Yesterday we completed Ukrenergo’s corporatisation – a process we’ve intensively worked on for six months since the company’s transition under the Ministry of Finance’s management, and we are glad that today, in the new page of the company’s history, its cooperation with the EBRD is getting a fresh start,” she stated.

    “Automation of substations is a technical pre-requisite for the future integration of the Ukrainian IPS into ENTSO-E. Replacement of outdated substation equipment and switching to modern technical solutions will ensure the stability of Ukraine’s power system and its further development,” said Vsevolod Kovalchuk, Ukrenergo’s Chairman.

    This project is a part of Ukrenergo’s Comprehensive substation automation programme, approved by the Ministry of Energy and Coal Industry in January 2018 to be financed with the support of the EIB, the World Bank and the Credit Institute for Reconstruction KfW.

    On July 29, Ukrenergo was registered as a private joint stock company (PrJSC) with 100% state ownership. On July 29, 2019, the Ministry of Finance approved an order to convert Ukrenergo into a joint-stock company. The Ministry of Finance approved the Charter of PrJSC Ukrenergo, with the authorised capital of 37.2 billion UAH.

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