28 Nov 2023 09:31

Germany's KfW to provide 24.5 mln euros to Ukrenergo to strengthen power grid

MOSCOW. Nov 28 (Interfax) - The German government, through state development bank KfW, will provide Ukrenergo with a loan of 24 million euros and grant of 0.5 million euros to increase the resilience of Ukraine's energy system, Ukrainian media reported, citing a statement from the power company's CEO Vladimir Kudritsky.

"Today we discussed with the new head of KfW's office in Ukraine Lorenz Gessner and German Ambassador to Ukraine Martin Jaeger that these funds will be used to strengthen our technical connections with the energy system of continental Europe and restore high-voltage facilities in the western region of the country," Kudritsky said on social media on Monday.

All the necessary agreements are expected to be signed in the next few weeks, Kudritsky said.

Ukrenergo earlier received more than 220 million euros in loans and grants from KfW to restore and overhaul substations. In addition, Germany transmission system operators Amprion, TenneT, TrasnetBW and 50 Hertz provided more than a hundred pieces of equipment to repair backbone power grids and substations.

For example, in October the German government allocated a grant of 76 million euros to Ukrenergy through KfW to finance the construction of engineering protection for substations, install new high-voltage equipment, including autotransformers, and modernize the grid on the border with Europe.