State-owned enterprise Energomarket has opened a closed-end credit line with a limit of UAH 2 billion in Oschadbank (Kyiv).

The electricity wholesale market operator said in the ProZorro e-procurement system that the agreement was signed on November 30, 2017.

The cost of the financing is UAH 379.6 million (VAT not included). The credit line is opened for 12 months.

As reported, the Cabinet of Ministers of Ukraine on October 18, 2017 allowed Oschadbank to issue a credit line in the amount of up to UAH 2 billion to state enterprise Energomarket for coal purchases. Energomarket will use the funds attracted to pay off debts to energy generating companies, while the latter will spend them on purchase of coal.

Energomarket planned to raise UAH 2 billion to pay the debt to energy generating companies accumulated before September 1, 2017.