EBRD Bolsters Ukrainian Energy Amidst Corruption Scandal

The European Bank for Reconstruction and Development is lending 22.3 million euros to Ukrainian energy firm Power One to enhance gas and battery energy systems. This comes despite a corruption scandal in Ukraine's nuclear sector, as the country seeks to rebuild its power infrastructure amidst ongoing war challenges.

The European Bank for Reconstruction and Development (EBRD) has announced a 22.3 million euro loan to a Ukrainian energy company, Power One, signaling continued support despite a nuclear sector corruption scandal. The loan is earmarked for establishing gas-piston power plants and battery energy storage systems, reflecting aims to enhance energy resilience.

Ukrainian President Volodymyr Zelenskiy's wartime government faces scrutiny over a $100 million corruption plot linked to nuclear agency Energoatom. Despite this backdrop, the EBRD remains focused on aiding Ukraine's energy sector redevelopment, with plans to decentralize power generation through solar, wind, and small modular gas turbines.

The multilateral lender, an institutional giant in Ukraine, has plunged over 8.5 billion euros into the country since the 2022 invasion. Committed to bolstering Ukraine's power capabilities, the EBRD will further finance two significant deals later this year, driving private sector growth through comprehensive financial means.

(With inputs from agencies.)