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Add to Preferred SourcesThe European Bank for Reconstruction and Development (“EBRD”) is launching a new lending facility (“USELF-III”) to replace the original Ukraine Sustainable Energy Lending Facility (“USELF”).
EBRD launched USELF in 2009 to support and finance the first non-large hydropower renewable energy projects in Ukraine. Since inception, the facility has invested more than EUR 100 million to finance over 150 MW across all renewable energy technologies.
As a result of the development of the renewable energy sector, there is growing interest from major international developers to implement larger RES projects. Therefore, to continue supporting the Ukrainian renewable energy sector, the EBRD, intends to commit an envelope of EUR 250 million from its own resources to finance new private renewable energy projects in Ukraine.
The purpose of the new facility is to help Ukraine achieve its target of 11% gross final electricity consumption from renewable energy sources by 2020 as set in the National Renewable Energy Action Plan approved in October 2014. Despite the significant growth of renewable energy in the recent years, the penetration of renewable energy other than large hydropower remains low, at approximately 1.5% of annual generation.
Original source: EBRD
Published on 12 June 2018