Verkhovna Rada ratifies agreement with EIB on Ukrenergo loan
"The main task of the law on the ratification of the guarantee agreement between Ukraine and the European Investment Bank (the Project 'Substations Reliability Enhancement Programme') adopted today is to create legal grounds for using a European Investment Bank loan worth EUR 136 million to implement Ukrenergo's investment project. Such a decision makes it possible to increase the reliability and ensure the sustainable operation of the existing transmission network. In addition, it will help reduce the costs on its maintenance and operation," Deputy Finance Minister Oleksandr Kava said.
The Project "Substations Reliability Enhancement Programme" envisages the reconstruction of 12 existing 330 kV and 750 kV power substations of the Dnipro regional power system of the National Power Company Ukrenergo and the introduction of the latest automated process control systems at the substations. This, in turn, will not only bring the substations to a modern technological level but also contribute to the sustainable operation of Ukraine's power grid and strengthen the country's energy security.
The project is part of a broader modernization program that comprises the rehabilitation of 33 substations throughout Ukraine and is co-financed by KfW (the Reconstruction Credit Institute) and the European Bank for Reconstruction and Development.
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