Ukrainian electricity producer Centrenergo to chart green course with EIB technical assistance

• EIB provides €350,000 in technical assistance to help Ukrainian electricity producer Centrenergo develop a decarbonisation strategy.
• Strategy to guide reconstruction, restore energy supply and support transition to cleaner power.
• Assistance is part of EIB’s “Energy Rescue Plan for Ukraine”.

The European Investment Bank (EIB) is supporting Ukraine’s state-owned power company Centrenergo with €350,000 in technical assistance to develop a decarbonisation plan.

Before Russia’s invasion of Ukraine in 2022, Centrenergo’s facilities supplied electricity to millions of people across the country. Russia’s attacks have destroyed or disabled all of Centrenergo’s power plants, leaving the company without generation capacity.

Under the technical assistance agreement, EIB experts will work with Centrenergo to assess damaged assets and chart a phased path towards low- and near-zero emissions. The goal is to restore power generation while moving away from coal, focusing on cleaner technologies and targeted investments to rebuild the system and attract international financing.

 “Ukraine’s energy system has suffered severe losses and recovery must go hand in hand with modernisation,” said EIB Vice-President Karl Nehammer. “We are supporting Centrenergo in rebuilding capacity in a way that is more resilient and aligned with the green transition.”

The initiative supports Ukraine’s “National Energy and Climate Plan” and comes in response to a request from the Ministry of Energy of Ukraine.

“We thank the EIB for its long-term support of Ukraine’s energy sector,” said Deputy Minister of Energy of Ukraine Anatolii Kutsevol. “The new support programme will be implemented to restore Centrenergo facilities after Russian attacks and, at the same time, will enable the introduction of carbon-neutral energy production technologies. This is an important contribution from our partners to the modernisation and strengthening of our energy system.”

The technical assistance is financed under the EIB’s “EU for Ukraine Advisory Programme”. 

“This is a historic moment for us,” said Centrenergo Chief Executive Officer Yevhen Harkavyi.  “We confirm our commitment to decarbonisation and the development of clean energy.  After losing a large part of our thermal generation, we must take this opportunity to replace it with clean energy sources. This partnership creates a clear foundation for restoring and strengthening the resilience of our power grid. I would like to thank our partners and the Minister for their trust and support. Together, we are laying the foundation for a reliable energy sector not only for Ukraine, but for all of Europe.”

Background information

The EIB in Ukraine

Present in Ukraine since 2007, the EIB has stepped up its financial support for the country’s resilience and modernisation since Russia’s full-scale invasion of Ukraine in 2022. Since then, the EIB has provided over €4 billion in financing. Through its EU for Ukraine (EU4U) Initiative, coupled with its key role in implementing a dedicated window under the Ukraine Facility, the EIB is strongly committed to stepping up and accelerating its activities in line with the mandate given by EU leaders and in close cooperation with the European Commission, the European Parliament, Member States and international partners.