The European Investment Bank (EIB) will issue a loan of EUR 130 million to Ukrenergo for modernization of substations, according to the website of the financial institution.

The corresponding project was approved by the financial institution on November 16.

The EIB said the project is aimed at improving energy efficiency, reliability of equipment, reducing operating costs. Its implementation will contribute to the integration of Ukraine's energy system with the European Network of Transmission System Operators for Electricity (ENTSO-E).

The total cost of the project is EUR280 million.

As reported, Ukrenergo operates trunk and interstate power grids, as well as carries out the centralized dispatching of the unified energy system of the country. The company is a state enterprise subordinated to the Ministry of Energy and Coal Industry.