Ukrenergo to receive EUR 24.5M from Germany to strengthen power grid

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Ukraine's National Power Company Ukrenergo will receive an extra EUR 24.5 million from the German government to strengthen the Ukrainian energy system.

Ukrenergo CEO Volodymyr Kudrytskyi announced this on Facebook, Ukrinform reports.

"The German government, through the KfW bank, has allocated EUR 24 million in credit and EUR 0.5 million to strengthen the stability of the Ukrainian energy system. Today, together with the newly appointed head of the office of the German state development bank KfW in Ukraine, Lorenz Gessner, and the German ambassador to Ukraine, Martin Jaeger, we discussed that these funds would be used to strengthen our technical ties with the energy system of continental Europe, restore high-voltage facilities in the western region and build their protection. The signing of all necessary agreements is expected in the coming weeks," Kudrytskyi wrote.

Read also: Ukraine generates enough electricity to meet consumers’ needs - Energy Ministry

Through KfW, Ukrenergo has already attracted more than EUR 220 million from the German government to restore substations and maintain liquidity. In addition, the German transmission system operators Amprion, TenneT, TrasnetBW and 50 Herz provided more than a hundred pieces of equipment necessary for the repair of the company's main power grids and substations.

By the end of 2023, Ukrenergo plans to sign an agreement to attract up to EUR 200 million in financing from the European Bank for Reconstruction and Development.

Photo credit: Volodymyr Kudrytskyi, Facebook