11:40 13.12.2018

Ukraine arranges attraction of $500 mln loan in China to build Dnistrovska hydroelectric pumped storage plant

2 min read
Ukraine arranges attraction of $500 mln loan in China to build Dnistrovska hydroelectric pumped storage plant

 Ukraine has arranged the attraction of a $500 million loan in China to build Dnistrovska hydroelectric pumped storage plant. The loan interest would not exceed 4.5% per annum, Board Chairman of Ukrgasbank Kyrylo Shevchenko has said in an interview with the Delovaya Stolitsa publication.

"Unfortunately, today the volume of direct Chinese investment in Ukraine is far from desirable. There are certainly reasons for that. However, Ukraine's proximity to the EU market is already enough for a number of Chinese companies to take a decisive step and start developing their business in Ukraine," Shevchenko said, answering the question about the prospects of Ukrgasbank in partnership with China.

As reported, a memorandum of understanding on the participation of China National Electric Engineering Company (CNEEC) in the completion of construction of Dnistrovska hydroelectric pumped storage plant was signed by Ukrhydroenergo and CNEEC in the presence of Economic Development and Trade Minister of Ukraine Stepan Kubiv. Its cost of $500 million was announced.

Head of the parliamentary committee for industrial policy and entrepreneurship MP Viktor Halasiuk said that the intention of state-owned company Ukrhydroenergo to place an order for turbines intended for the third stage of construction of Dnistrovska hydroelectric pumped storage power plant with CNEEC instead of Turboatom (Kharkiv), which was involved in the first two stages, is inadmissible.

Turboatom said that the enterprise is ready to supply hydroelectric turbines and equipment for units five, six and seven of this power plant. Recently the enterprise shipped the fourth turbine to the plant.

"The hydroelectric turbines were created under own project of Turboatom and designed and produced by Turboatom and Electrotyazhmash," the press service of Turboatom said.

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