The board of directors of the World Bank has approved a financing package of $212 mln for the implementation of the project "Ukraine — improving power system resilience for European power grid integration".
The International Bank for Reconstruction and Development will provide $177 mln of the total financing. Another $34 million in loans on preferential terms and $1 million in grants will be provided by the Clean Technology Fund.
Ukrhydroenergo acts as a borrower and project executing agency. Funding is provided for the installation of 197 MW of energy storage systems combined with solar panels at four hydroelectric power plants: Kyiv HPP, Kaniv HPP, Kremenchuk HPP and Srednedniprov HPP.
Power grid synchronization is a strategic goal at the national level, aimed at creating a competitive and transparent electricity market in accordance with the requirements of European legislation and market practices, the company said in a statement.
"This is one of the most innovative projects that the World Bank is launching in the Europe and Central Asia region. It will help Ukraine integrate its energy system into the European power grid, reduce stakeholder influence, and promote greater energy independence," said Arup Banerji, World Bank regional director for Eastern Europe.
On September 10, 2020, Ukrhydroenergo agreed with the World Bank to finance a project to install solar storage panels with a capacity of 212 MW.