Confirm cookie choices
Cookies are pieces of code used to track website usage and give audiences the best possible experience.
Use the buttons to confirm whether you agree with default cookie settings when using

Ukrenergo Transmission Network Modernisation



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

06 Jul 2022



PSD disclosed:

25 Mar 2019

Project Description

The provision of a sovereign-guaranteed loan to the National Energy Company Ukrenergo ("Ukrenergo" or the "Company") of up to EUR 149 million, EUR 147.2 of which has been repurposed into emergency liquidity to support the Company and ensure stable and uninterrupted electricity transmission services on the entire territory of Ukraine despite the devastating impact of Russian war on Ukraine (the "Project"). The EBRD loan is also backed by the EU EFSD guarantee and the UK Government sovereign donor guarantee.

Project Objectives

The Project will safeguard electricity provision and access to vital services for people and businesses, whose livelihoods and economic security is at immense risk due to Russian war on Ukraine.

Transition Impact

ETI score: 70

Beyond the original Well-governed TI qualities, EBRD's financing will support the resilience of Ukrenergo and its operations, helping address the need to support energy security in Ukraine in the war environment.

Beyond that the original Green TI qualities have been upgraded as the project will also help to address challenges in maintaining financial viability of the Ukrainian renewable energy generation sector in order to keep renewable energy producers operational during the ongoing war in Ukraine. Part of the repurposed funds will be channelled towards payments to renewables.

Client Information


National Energy Company Ukrenergo is a 100% state-owned company, a natural monopoly and the sole electricity transmission system operator (TSO) of Ukraine.

EBRD Finance Summary

EUR 149,000,000.00

Total Project Cost

EUR 149,000,000.00


The EBRD repurposed liquidity financing is provided in expedited manner under the extraordinary circumstances and effectively bridges a part of financing gap due to the war and adverse market conditions. EBRD's financing will also complement the efforts of other IFIs by bringing a robust policy dialogue agenda focused on commercialisation and institutional strengthening of Ukrenergo and the sector, as well as promoting procurement standards beyond the Bank's usual requirements.

Environmental and Social Summary

Category B (2019). Medium to high risk due to sector, operational change and inability to undertake any due diligence at this stage. The original Project was approved by the Board in July 2019 to finance procurement and installation of up to 26 new transformers as well as for automation and upgrade of 12 HV substations in key locations of the Ukrainian transmission network. The Project was subject to an independent ESDD and an ESAP, SEP and NTS for various substations was agreed with the Client. In September 2020, the Loan Agreement and the Guarantee Agreement under the Project were declared effective. Procurement activities were under way when the war started, therefore, no disbursements have been made under this Project. The Bank has existing Project with the client (transmission lines), which had been implemented. Some of these are now located in the war zones.

The proposed repurposing of the use of proceeds is intended to provide emergency liquidity to address the Client's critical liquidity needs and to ensure stable and uninterrupted power transmission in the entire country despite the impact of Russian war on Ukraine. This use of proceeds is not associated with significant environmental or social risks or impacts. The Company is an existing client to the Bank with a good environmental & social performance track record. The repurposed project is categorised B (2019 ESP). Under the war conditions in Ukraine there was no possibility to undertake detailed updates of the Client's performance, ESAP implementation or any additional Environmental and Social Due Diligence (ESDD), and this can be done only when the situation allows. The client will be required to continue to ensure that the repurposed project complies with the Banks's ESP PRs as well as will submit an annual environmental & social report to the Bank. Given that post war requirements and needs will have changed to reflect any future reconstruction needs, the ESAP will need to be revised. ESD will undertake a monitoring visit and revise the ESAP once this is possible.

Technical Cooperation and Grant Financing

1) Technical cooperation funds will support Ukrenergo in the engagement of independent international experts to support the Company to accelerate Ukrainian grid integration with ENTSO-E and enable faster completion of necessary measures to enable better commercial exchanges of electricity that would support energy sector security, allow for additional cash inflows to the energy sector of Ukraine and significantly increase revenues for Ukrenergo.

2) Technical cooperation funds will support Ukrenergo with the need to revise and update the ESAP to take account of the new post war priorities and new EHS and ESG requirement agreed with new timelines.

Company Contact Information

Olha Pershyna
+380 (93) 079 9546
Symona Petlyury St, 25, Kyiv, 01032

PSD last updated

24 Oct 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


GDPR Cookie Status