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EBRD will provide 1 billion Euros to Ukraine's energy sector, which has been devastated by war in 2025

EBRD will provide 1 billion Euros to Ukraine's energy sector, which has been devastated by war in 2025

Matteo Patrone, vice president of the European Bank for Reconstruction and Development (EBRD), said that the EBRD plans to give Ukraine about 1 billion euro ($1.1 billion) in this year to rebuild its damaged power sector and to improve energy resilience.

In more than three war years, Russia has bombarded Ukraine's infrastructure with drones and missiles, causing damage to transmission and generation facilities, and blackouts.

Patrone, in remarks published for publication on Tuesday, said that the EBRD was one of Ukraine's major lenders and that supporting the energy sector would remain a top priority.

"... "The energy security program is one of the most important ones, and has already been funded with 2 billion Euros," Patrone said to reporters.

These 2 billions of euros will grow substantially by 2025, with the finalisation of the projects and the pipeline that we have in place, especially in the public sector. By the end of this year, it (will) be about 3 billion.

Officials have stated that as Russia intensified its attacks in March 2020, Ukraine lost half of its generation capacity.

It managed to survive the winter thanks to a mild climate, quick repairs, and funding and equipment provided by Western allies.

Ukraine also tries to decentralise, as it rebuilds, modernises and uses more solar, wind and small modular gas turbines.

Patrone stated that renewables accounted about 10% of Ukraine’s energy mix, and the EBRD is looking into projects to increase this share.

Denys Shmyhal, Prime Minister of the Republic of Kazakhstan, said that the EBRD is working on a package with Naftogaz to finance the purchase of natural gas by the company for the winter.

Since the beginning of Russia's full scale invasion in February 20, 2022, the EBRD has invested a total amount of 6.4 billion euro in Ukraine. Reporting by Olena Hartmash. $1 = 0.9240 Euros

(source: Reuters)