Germany will provide Ukrenergo with EUR 32.5 million  News of Kharkiv and Ukraine

Germany will provide Ukrenergo with EUR 32.5 million News of Kharkiv and Ukraine

The German government, through the Credit Institution for Reconstruction (KfW), will provide EUR32.5 million to NEC Ukrenergo to restore eight high-voltage substations in the south and west of Ukraine, the company announced.

According to her message on Facebook on Friday, the relevant agreements with KfW were signed by the Minister of Finance of Ukraine Serhiy Marchenko and the chairman of the board of NEK Volodymyr Kudrytskyi. This is the third project of NEC with the German state bank KfW, through which its government provides financial support to Ukrenergo.

“These funds will work for the benefit of Ukrainian consumers in the near future: equipment will be installed at substations that will allow them to manage their work remotely from the central control room. The restored substations will be automated, will require a minimum of personnel, and will meet the requirements of ENTSO-E regarding the reliability of the power transmission system and network security,” Ukrenergo explained.

The company expressed its sincere gratitude to its European partners for their timely assistance, which is very much needed today.

For its part, the Ministry of Finance noted on its website that its head, during a meeting with the Extraordinary and Plenipotentiary Ambassador of Germany to Ukraine Anka Feldhusen, signed a guarantee agreement within the framework of the new project “Improving the efficiency of electricity transmission (Modernization of substations) II” with KfW, and the head “Ukrenergo” – a loan agreement with KfW for EUR 32.5 million for this project.

As part of the meeting, an agreement on debt deferment was also signed between the government of Ukraine and KfW, the Ministry of Finance noted.

According to his message, an agreement was reached on the postponement of repayment of Ukraine’s debt for KfW loans involved in four current projects from 2022-2023 to 2027-2031.


Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top