The European Investment Bank (EIB) is mulling the provision of EUR 400 million to public joint-stock company Ukrhydroenergo to build the Kaniv hydroelectric pump-storage plant, the bank said in a post on its website.

The total cost of the project is EUR 1.283 billion.

As reported, Ukrhydroenergo plans to raise 70% of the funds to be used to build the plant from four banks - the EIB, the World Bank, the European Bank for Reconstruction and Development (EBRD) and Deutsche Bank.

The capacity of Kaniv hydroelectric pumped storage power plant will be 1 GW in generating operations, its construction will take six and a half years, and the payback period is about ten and a half years.