23 November 2022, 08:00 PM

EBRD allocates $385 million for urgent repairs to Ukraine’s power grid

Ukrainian power grid operator Ukrenergo will receive $385 million for urgent repairs of its energy facilities from the European Bank for Reconstruction and Development (EBRD), according to the bank’s press release from Nov. 23.

The EBRD has approved a financing package for Ukrenergo in the amount of €372 million ($385 million,) to be used to make emergency repairs to Ukraine’s power grid, which is reeling from more than a month of relentless Russian missile strikes.

Specifically, the bank will issue a sovereign guaranteed loan of €300 million, in two parts: €150 million for equipment procurement to implement emergency repairs, and another €150 million to boost Ukrenergo’s capital assets.

“We are working to commit the loan funds at the earliest opportunity, given that the winter season has already started and the stability of the country’s energy system is strategically important,” said EBRD’s Managing Director for Eastern Europe and the Caucasus Matteo Patrone.

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