Early Warning System

Countries

Ukraine

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Proposed

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Dec 3, 2025

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Government of Ukraine - National Energy Company Ukrenergo PJSC

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Energy

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 104.02 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 90
Converted using 2025-11-10 exchange rate.

Project Cost (USD)

$ 173.36 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Nov 12, 2025

Disclosed by Bank Nov 10, 2025

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the project consists of the provision of up to EUR 90 million sovereign guaranteed loan to the National Energy Company Ukrenergo for the reconstruction of selected substations in Ukraine. The loan is expected to be co-financed, subject to availability, by investment grants in total amount of up to EUR 60 million from international donors for procurement of reserve stock of electrical equipment and interconnection equipment.

The Project aims to enhance the resilience of the power transmission system under constant military attacks to supply uninterrupted energy to the population and businesses throughout the country. The Project is also important for safeguarding the livelihoods and wellbeing of Ukrenergo's vast workforce by improving internal support systems for psychological resilience. The transaction will also help to improve energy market transparency in Ukraine.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Category B (ESP 2024). Since February 2022 the Bank has provided three loans to the Company. The current loan will be for the reconstruction of three existing substations and the completion of the construction of one greenfield substation in Ukraine.

An external consultant has performed the limited Health, Safety and Environment Impact Assessment of the Project, but the ongoing war limits the Bank's ability to carry out additional meaningful ESDD and fully assess Project-related impacts and the Company's ability to manage them under current circumstances.

The Substation with 330 kV overhead line diversions is being built (with foundations already in place) with loan funds from the EBRD saved in the construction project of the OHL 750 kV Zaporizka NPP-Kakhovska (BDS10-212). A local Environmental Impact Assessment (EIA) was published in line with Bank's requirements and environmental and social impacts are limited on this 1.5 ha development. No reports have been raised of concerns from local communities or CSOs at the time and last reporting on this substation project before the loan was repaid.

An independent E&S audit will be undertaken of the Project and corporate ESG management once martial law is lifted. Based on this audit, the ESAP will be updated.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

Provision of up to EUR 90 million sovereign guaranteed loan.

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

National Energy Company Ukrenergo is a 100% state-owned company, a natural monopoly and the sole electricity transmission system operator (TSO) of Ukraine.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Ukrenergo	Client	-

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Yevhen Kalinichenko
kalinichenko.ee@ua.energy
+380 (44) 238 3210
https://ua.energy
Symona Petliury St, 25, Kyiv, 01032

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html