The European Bank for Reconstruction and Development (EBRD) is investing $ 75 million in bonds of the Ukrenergo so that the company could pay off its debts to renewable energy producers. This was reported by the bank's press service, RBK-Ukraine reports.
"The European Bank for Reconstruction and Development is investing $ 75 million in bonds worth $ 825 million, related to sustainable development and issued by NEC Ukrenergo in an attempt to resolve the payment crisis that gripped the country's renewable energy sector," the press release said.
According to the report, proceeds from the placement of bonds will cover all payments owed to renewable energy producers.
"These investments will help restore confidence in the Ukrainian renewable energy sector and enhance the confidence of private investors and financiers, paving the way for much-needed investment to support the country's transition to a green economy," the EBRD said.
According to EBRD Managing Director for Eastern Europe and the Caucasus Matteo Patrone, Ukraine needs more renewable energy capacity to achieve decarbonization goals, despite the fact that it already has 8.5 GW of renewable energy generation, and the industry has attracted EUR11 billion domestic and foreign investment.
"This agreement will allow the continued development of the renewable generation industry. The EBRD is proud to play a key role in resolving the difficult situation in this sector and to help Ukraine demonstrate the resilience, stability and predictability of the investment climate," Patrone stressed.