EIB to provide EUR 350,000 in technical assistance to Centrenergo for its decarbonization plan
The European Investment Bank (EIB) will provide Centrenergo with EUR 350,000 in technical assistance to develop a decarbonization plan that will outline approaches to restoring the company’s generating capacity and transitioning to cleaner generation, the financial institution reported on its website.
"Ukraine’s energy system has suffered significant losses, and its restoration must go hand in hand with modernization," commented EIB Vice President Karl Nehammer.
As noted, before the full-scale Russian invasion in 2022, Centrenergo’s capacity provided electricity to millions of consumers. However, as a result of the Russian attacks, all of the company’s power plants were destroyed or disabled, and it lost generating capacity.
Under the technical assistance agreement, EIB experts will assess Centrenergo’s damaged assets and prepare a step-by-step plan for transitioning to near-zero emissions.
The goal is to restore generation while phasing out coal, with a focus on cleaner technologies and targeted investments to restore the system and attract international financing.
The EIB noted that the initiative is being implemented at the request of the Ministry of Energy of Ukraine and is in line with the goals of the National Energy and Climate Action Plan until 2030.
The technical assistance is being funded through the EU for Ukraine advisory program.
The Ministry of Energy noted that the new support program will not only enable the restoration of Centrenergo’s facilities following the Russian attacks but also the introduction of carbon-neutral electricity generation technologies.
