Ukrgidroenergo may raise $188 mln to complete Dniester hydro-accumulation station
KYIV. June 14 (Interfax) - Ukrgidroenergo plans to raise 1 billion-1.5 billion hryvni (roughly $125 million-$188 million) to complete construction of the second phase of the Dniester Pumped Storage Power Station, a hydro-accumulation power station on the Dniester River, company head Ihor Sirota told journalists on Friday.
"The issue of placing bonds or raising a state-guaranteed loan is being examined. Plans are to raise 1 billion-1.5 billion hryvni," he said.
The Ukrainian government is looking to secure financing for the project by August, in order to complete construction of the station before year-end.
Construction of the Dniester station began in 1986. Launch of the first hydropower unit, with capacity for 324 megawatts when generating and 421 MW when pumping, took place at the end of 2010. The second and third hydropower units are scheduled to enter service in 2013 and 2014 respectively.
The Dniester Pumped Storage Power Station is located in the Chernivtsi region. The design capacity of the completed station - with seven hydropower units - amounts to 2,268 MW when generating and 2,947 MW when pumping.
Ukrgidroenergo operates all of Ukraine's major hydropower stations, which are located on the Dnepr and Dniester rivers, whose combined capacity totals 5,007.6 MW. The company is wholly owned by the state.
The official exchange rate on June 14 was 7.993 hryvni/$1.
