World Bank approves loan for Ukraine rehab project

The World Bank approved a US$60 million loan for the rehabilitation of three hydroelectric plants in Ukraine.

The loan will be used to finance improvements to several units at the Kremenchuk hydro plant and two Dniprovska hydro plants, the World Bank said.

The original loan of US$106 million was approved June 21, 2005, and became effective Feb. 3, 2006.

The additional financing is expected to improve the reliability, efficiency, and safety of hydraulic structures and equipment, thereby increasing environmental performance. The upgrades also will boost the capacity of the Dnipro Hydropower Cascade by about 400 MW and increase production by about 500 GWh a year, the World Bank said.

“The reform and modernization of the energy sector is a key pillar of Ukraine’s sustainable economic development,” said Martin Raiser, World Bank director for Ukraine. “We are very pleased to be able to continue to support UkrHydroEnergo in its efforts to increase the efficiency of the unique Dnipro cascade and thereby ensure Ukraine has access to cheap, reliable, and clean power.”

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