EBRD will allocate 150 million euros for the modernization of Ukrainian power grid

ЕБРР выделит 150 млн евро на модернизацию украинских электросетей

The Cabinet approved the involvement of 149 million euros from the European Bank for reconstruction and development (EBRD) for the project of modernization of the transmission network. About it reported in a press-service of the Ministry of Finance.

“The project will be implemented by SE “NPC “Ukrenergo” and will improve the efficiency and reliability of electricity transmission in the Western, Northern, southern and Central regions of Ukraine”, – stated in the message.

The project involves the replacement of transformers and reconstruction of 12 substations with automated control systems of technological processes at the substations.

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The set of measures envisaged by the project, will allow to operate the equipment of substations from regional centres in real time without the constant presence at the facilities operational staff.

EBRD may provide “Naftogaz Ukraine” a loan of 60 million euros for import of natural gas. The support of the EBRD in the form of a letter of credit will cover up to 20-30% of the payment risk, “Naftogaz” associated with financing the purchase of gas from international traders without recourse to sovereign guarantees.

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