Viche 2012 19

19, 2012

Electrification of Ukraine in the European way

At the plenary meeting on the 18th of September the Verkhovna Rada ratified the Credit Agreement (Hydroelectric power station Rehabilitation project) between Ukraine and the European Bank for Reconstruction and Development. First Deputy Minister of Energy and Coal Industry Ihor Popovych explained that it will give the possibility to get money from the EBRD in the amount of 200 million EUR for the modernization of hydromechanical and electromechanic equipment at seven power-stations: Kyiv and Kaniv hydroelectric pump storage power plants, Kremenchuk hydroelectric pump storage power plant, Dniprodzerzhynsk hydroelectric pump storage power plant, Dnipri-1 and Dnipro-2. Total cost of the project is 638 million EUR, which includes the loan from the EBRD 200 million EUR, the European investment bank - 200 million EUR, the joint financing by the Ukrainian side - 238 million EUR. Credit funds will be given at 2.2 percent.