The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has approved the provision of additional financing in the amount of EUR 200 million for the development of renewable energy sources in Ukraine. The EBRD said it intends to issue new funds to finance private renewable energy projects under the current system of stimulating “green” tariffs. The planned replenishment will allow the bank to build on the success of USELF-III and maintain momentum in the transition from the existing mechanism of preferential tariffs to a support system based on competitive auctions.
The bank noted that the third program of financing renewable energy development approved in July 2018 in the amount of EUR 250 million (Ukraine Sustainable Energy Lending Facility, USELF-III) will be fully implemented by the end of 2019.
As reported, the EBRD under the USELF program has been supporting the development of renewable energy in Ukraine since 2009. The program is aimed at assisting the state in achieving by 2020 the share of “green” generation in the country’s total energy consumption at 11% (including a 6% share of large hydropower plants).