Ukrenergo grid operator receives 300 mln euro EBRD loan, 72 mln euro grant from Netherlands


Reuters | Updated: 01-12-2022 22:25 IST | Created: 01-12-2022 22:25 IST
Ukrenergo grid operator receives 300 mln euro EBRD loan, 72 mln euro grant from Netherlands

Ukraine's Ukrenergo grid operator secured 300 million euros ($315 million) in loans from the European Bank for Reconstruction and Development (EBRD) to restore power infrastructure damaged in Russian attacks and improve financial stability, the company said in a statement on Thursday.

Ukrenergo said 150 million euros of the loan and a 72 million euros grant from the Nerherlands will be used for the purchase of equipment needed for the repairs of substations damaged or destroyed in Russian missile strikes.

The remaining 150 million euros of EBRD funds will be allocated for the "company's financial obligations in the electricity market in terms of non-payments that arose on the market due to the war," Ukrenergo said in a statement on its website. ($1 = 0.9522 euros)

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