The funds will cover the modernisation of 28 power units at six hydro plants on the Dnieper River, extending their lifetime by 30 years. Hydraulic turbines, generators, and dam safety and auxiliary equipment will be supplied and installed at the Kremenchug, Dnieprodzerzinsk, Dnieprovska and Kaniv plants, as well as at the Kiev pump storage plant.

The EBRD loan is part of a larger project which envisages similar-sized parallel financing from the European Investment Bank, and is the largest renewable energy project financed by the Bank in Ukraine to date.

“We believe hydropower generation will play a key role in the Ukrainian power sector stability,” commented Riccardo Puliti, EBRD Managing Director for Energy and Natural Resources. “This country needs to develop and maintain reliable sources of renewable energy. That is why energy efficiency, energy security and open market principles remain key elements of our policy dialogue with the Ukrainian authorities and private investors.”