Ukrhydroenergo looks to loan agreement with EBRD, World Bank to build Kaniv PSP

13:57, 26.05.2016 1 min read

Public joint-stock company Ukrhydroenergo intends to sign a loan agreement with the European Bank for Reconstruction and Development and the World Bank to build Kaniv pump-storage plant (PSP) in September and October 2016, Ukrhydroenergo Head Ihor Syrota told reporters in Kyiv on Thursday.

"We are to answer all questions asked by the banks by June 28. In July or August we would hold a repeated public discussion… We seeks to have the project approved by the banks' boards of directors [EBRD and the World Bank] in August and in September or October we would be able to sign the agreements," he said.

Some $1.25-1.3 billion would be raised for the project. The loans are to cover 98% of the project cost.

Syrota said that in August or September 2016 the company intends to start preparations for the project using own funds. It will last for around one year.