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 17, 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

UKRHYDROENERGO PJSC

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

Sectors

Energy
Hydropower

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)

$ 86.75 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 75
Converted using 2025-11-25 exchange rate.

Project Cost (USD)

$ 138.80 million

Bank Documents

Primary Source

Original disclosure @ EBRD website

Updated in EWS Nov 25, 2025

Disclosed by Bank Nov 25, 2025

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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 a long-term senior loan of up to EUR 75 million to PJSC "Ukrhydroenergo" ("UHE"). The loan is expected to be supplemented by up to EUR 20 million of investment grants from international donors, subject to availability. The loan and grants, if available, will finance the supply of critical equipment, including the emergency reserve stock of electrical equipment, for selected hydro power plants (HPPs) operated by UHE and the consultancy services for the purposes of project implementation (the "Project"). The Project is expected to benefit from a partial EU guarantee under its Ukraine Investment Framework.

The implementation of the Project will enhance Ukraine's energy security by financing the replacement of the damaged and worn-out critical equipment within selected hydro power plants, leading to notable increase in their operational efficiency and green energy production volumes. Successful completion of the Project will result, inter alia, in production of c. 223 GWh of renewable energy per year, reducing Ukraine's reliance on electricity import and strengthening the energy system's ability to absorb high peak demand.

The Project will complement the Bank's other recent activities in the energy sector aimed at maintaining stable functioning of the Ukraine's energy system during the war as well as the Bank's existing engagements with UHE.

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). The loan is for procurement of critical HPP equipment and emergency reserve equipment for UHE in order to ensure safe and sustainable electricity generation process.

No Environmental Impact Assessment (EIA) is legally required for this type of Project, as it is carried out within existing facilities and does not involve reconstruction or construction of new facilities, the replacement of the damaged equipment will be on like-to-like basis. The Project is not associated with any significant environmental impacts.

The Project does not involve land acquisition, physical or economic displacement, or restriction of access to livelihoods. Activities will be implemented exclusively on land owned and registered by UHE. The Project is not located within critical habitats and proposed infrastructure upgrades avoid sensitive areas.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

A long-term senior loan of up to EUR 75 million. The loan is expected to be supplemented by up to EUR 20 million of investment grants from international donors, subject to availability.

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.

Ukrhydroenergo (UHE) is a 100% state-owned enterprise and Ukraine's main hydropower generation company.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	PJSC Ukrhydroenergo	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.

Maria Bishko
m.bishko@uhe.gov.ua
+380 (97) 320 4210
https://uhe.gov.ua
Vyshgorod 07300, Kyiv Region, Ukraine

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