National Nuclear Generating Company Energoatom has opened a multicurrency renewable credit line with the limit of UAH 750 million in equivalent from Oschadbank (Kyiv).

The company said on the Public Procurement website that the agreement was signed by the sides on January 5, 2016.

The cost of servicing of the one-year credit line will be UAH 167.175 million (VAT not included).

The company requires funds, as state enterprise Energomarket did not pay for electricity transmitted by the company (the debt for 2014 is UAH 2.85 billion and for 2015 – UAH 2.17 billion). The company falls short of funds to finance the purchase of fresh nuclear fuel from Russia's OJSC TVEL and pay back a credit of $22.9 million taken from Ukreximbank that will expire in January 2016.

Energoatom is the operator of all four Ukrainian-based operating nuclear power plants, which have 15 VVER reactors with an overall generating capacity of 13.835 gigawatts.

Oschadbank was founded in 1991. It is wholly owned by the state.

Oschadbank ranked second among 123 operating banks in the country on October 1, 2015 by total assets (UAH 156.596 billion), according to the National Bank of Ukraine (NBU).