European Investment Bank approves loan for Ukrainian hydro program

The European Investment Bank (EIB) has announced a plan to finance UkrHydroEnergo's hydroelectric modernization and upgrade program with a loan worth US$257 million.

EIB's loan will support the refurbishment and upgrade of 22 conventional and pumped-storage generating units at six hydropower stations along the Dnieper River in central Ukraine.

When finished, the plants will have a total combined capacity of 980 MW, or about 10% more than the current capacity.

"This is the first EIB-financed project in Ukraine contributing to increasing the share of electricity generation from renewable sources," says Anton Rop, EIB Vice-President. "This will contribute to the reduction of alternative fossil fuel consumption, implying a significant decrease in CO2 emissions and help Ukraine to meet its climate change commitments."

The project is being co-financed by the European Bank for Reconstruction and Development (EBRD), which announced its plan to fund a pair of small hydropower plants in Albania earlier this week.

Technical assistance to support project implementation will be funded by the Neighbourhood Investment Facility.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs