NEWS

EIB provides €175 million for upgrading Ukraine’s high voltage transmission network

16-09-2011

The European Investment Bank (EIB) is lending €175 million to Ukraine to reinforce the electrical connections between the country’s eastern and southern regions.
 
Announcing the decision, EIB Vice-President Anton Rop said: “This project will contribute to the better utilisation of Ukraine’s electricity generation capacity, reduce electricity transmission losses and improve the security of the electricity supply for the benefit of Ukraine’s citizens and economy while helping to meet increased electricity demand in the future.”
 
The project, which is being co-financed by the European Bank for Reconstruction and Development (EBRD) with a loan of €175 million, will also help Ukraine to harmonise its electricity network with the European electricity transmission system in the medium term. It will serve to optimise the use of existing electricity generation capacity, resulting in a reduction of generation from inefficient coal and gas-fired power plants as well as decreased CO2 emissions and increased network reliability.
 
The project will receive a contribution under the Neighbourhood Investment Facility to support its implementation.
The EIB loan will be used for co-financing the construction of, among a number of works, a new 190km 750 kV overhead line running between Zaporizhzhia and Kakhovska in southern Ukraine and a new 750kV substation at Kakhovska.
 
The EIB – the EU’s bank – finances projects in Ukraine on the basis of an EU Council and European Parliament mandate for the Eastern Partner Countries (Ukraine, Moldova, Georgia, Armenia, Azerbaijan and Russia) of €3.7 billion for the period 2007-2013. The current mandate provides for the financing of projects that are of significant interest to both the EU and its Eastern Partners in the transport, energy, telecommunications and environmental infrastructure sectors. The EIB has so far provided loans in Ukraine, including the current loan, totalling some €1.1 billion.  (ENPI Info Centre)
 
Read More
 
Press Release
 
European Investment Bank
 
ENPI Info Centre webpage – Ukraine
 

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