European Bank for Reconstruction and Development raises €300 mln to boost Ukraine’s energy industry

On June 5, the Prime Minister of Ukraine and the President of the European Bank for Reconstruction and Development, Odile Renaud-Basso, met in Kyiv. They signed a memorandum of understanding stating that the EBRD will provide 300 million euros to support Ukraine's energy sector.

The government portal reports this.

"This support will help realize our goal — to ensure a stable and uninterrupted electricity supply to the entire territory of Ukraine," Prime Minister Denys Shmyhal noted.

Thus, the funds will go to the state energy companies "Ukrenergo," "Ukrhydroenergo," and "Ukranafta" to restore generating capacities and infrastructure and construct a new decentralized generation.

During the meeting, the parties also discussed further cooperation in the economic and financial sectors.

Since the beginning of the full-scale Russian invasion, the EBRD has provided Ukraine with €4 billion in financing.

Denys Shmyhal thanked the partners and Odile Renaud-Basso personally for contributing to Ukraine's stability.

For reference:

As the ambassador of the European Union in Ukraine, Katarina Mathernova, reported, taking into account the missile attacks that happened recently [June 1 – ed.], Russia has already destroyed 9.2 GW of Ukrainian generation.

On the night of June 1, the Russian invaders launched Kh-101 cruise missiles, Kalibr missiles, and attack drones over Ukraine. The enemy's target was energy facilities in five regions of the country.

As of June 5, the power system is forecast to be in deficit throughout the day. Consumption limits will apply for each region from 00:00 to 24:00.

Power supply restrictions are associated with power system shortages. In particular, Ukrainian energy facilities were subjected to a series of massive Russian strikes, which destroyed several large TPPs and CHPs.

The Ministry of Energy stated that the additional funds received by the energy industry due to the increase in the electricity tariff for the population will be directed to the repair campaign and the restoration of state generation.

In addition, the DTEK company [the largest private investor in the energy industry of Ukraine – ed.] is actively working to convince the international community to help Ukraine restore energy facilities damaged as a result of massive Russian attacks.