The Board of Directors of the World Bank has approved a financial package of $ 212 million for a new project in Ukraine – Improving the resilience of the electricity system for the integration of the European electricity grid.
This was said in a Press release published on the World Bank website.
“The Board of Directors of the World Bank today approved a financial package of $ 212 million, including a loan of $ 177 million from the International Bank for Reconstruction and Development (IBRD), a concessional loan of $ 34 million from the Clean Technology Fund (CTF) and a $ 1 million grant from the CTF for a new project in Ukraine – Improving the resilience of the power system for the integration of the European power grid (Installation of hybrid systems for power generation at Ukrhydroenergo) “, the report said.
The project will improve the flexibility of the Ukrainian power system to help synchronize it with the European power grid and decarbonize the power sector.
Ukrainian private joint-stock company Ukrhydroenergo (UHE) is the borrower and executing agency of the project. The project provides funding for the installation of 197 megawatt short-lived battery energy storage systems combined with solar power plants at four hydropower plant sites (Kiev, Kaniv, Kremenchuk and Seredniodniprovska) to enable more services. auxiliaries to the national electricity network. In addition, a long-life battery with a solar power plant will be installed in the Dniester hydroelectric power station.
“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 electricity system into the European electricity grid, reduce the influence of vested interests and contribute to the achievement of a more energy independent Ukraine. I am delighted that the project is also helping Ukraine to align with the European Green Agreement, ”said Arup Banerji, World Bank Regional Director for Eastern Europe.
The World Bank has already worked to prepare Ukraine’s power infrastructure for synchronization with the EU power grid under the ongoing Second Power Transmission Project (PTP2). This project supports Ukraine in the introduction of smart grid technologies and wholesale electricity markets.