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  • European Investment Bank reviews the status of joint investment projects with Ukrenergo

    The European Investment Bank (EIB) has reviewed its portfolio of investment projects in Ukraine. They include joint projects with Ukrenergo “Construction of a 750 kV high-voltage overhead line Rivne NPP-Kyivska”, “Construction of the 750 kV overhead line Zaporizka NPP-Kakhovska” and “Substations Reliability Enhancement Programme”. The total amount of EIB financing for these projects is EUR 461 million.

    The “Substations Reliability Enhancement Programme”, launched in 2018, is part of a comprehensive programme for the automation of Ukrenergo substations and provides for the rehabilitation of 12 substations located in the Dnipro PS, introducing automated process control systems. Project implementation period is until 2022. Feasibility studies and tender documentation are currently under development.

    EIB experts believe the most significant indicator of the level of implementation of projects by level to be the disbursement of loan funds. During the implementation period, the drawdown amounted to €157.5 million. For 2019, the drawdown of at least €23 million is planned.

    Having reviewed the projects, the EIB noted significant progress in the implementation and successful completion of their core components. The bank also expressed its interest in expanding cooperation in preparation of Ukrenergo’s future projects within the synchronization with the ENTSO-E.

    At the same time, the EIB focuses on discussing the main challenge threatening a timely and quality implementation of ongoing projects, namely the delay in payments, which arose at the end of 2018. – in early 2019 due to the halt in the sing-off of payment documents by the Ministry of Energy and Coal Industry of Ukraine.

    The preliminary review of the EIB projects implementation status was in March 2018, with the following scheduled for Q3 2019.

     

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