To finance the rehabilitation of the district heating network owned and operated by Kyivenergo, and to provide consultancy services for project implementation and institutional restructuring of the company. The project will be financed by a sovereign loan of US$ 45 million from the EBRD.
Project objectives: To increase efficiency of heat supply, distribution and consumption to levels comparable with international equivalents and to improve the financial and commercial performance of the district heating company.
The project will: (i) provide the means and a framework for Kyivenergo to provide district heat on a commercially sustainable basis; (ii) demonstrate the benefits of energy efficiency investments to other companies in Ukraine; and (iii) demonstrate the investment opportunities in the district heating sector to potential investors.
The borrower will be the State of Ukraine, with an on-lending arrangement to Kyivenergo, which is the implementing agency.
The EBRD will provide a sovereign loan of US$ 45 million (€51.9 million).
Total project cost is anticipated to be US$ 300 million, including the EBRD loan, local investment contribution and a World Bank loan of US$ 200 million (already signed).
The project has been classified B/0, requiring an environmental analysis which will be completed. The rehabilitation will have a number of positive environmental impacts through reduced nitrogen oxides, particulates, sulphur dioxide and carbon dioxide emissions and will result in more efficient fuel and water use.
Technical cooperation funding of under €3.2 million is being sought for project implementation assistance, institutional reform and corporate development.
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