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IBRD, CTF to provide Ukrhydroenergo with $211 mln loan for installation of energy storage, SPP

KYIV. Sept 14 (Interfax-Ukraine) – The International Bank for Reconstruction and Development (IBRD) and the Clean Technologies Fund (CTF) will provide PJSC Ukrhydroenergo with a financial package consisting of a $177 million loan and a $34 million concessional loan respectively, for the installation of energy storage systems and solar power plants.

The agreements were signed on September 13 in the Cabinet of Ministers by Director General of Ukrhydroenergo Ihor Syrota and World Bank’s Regional Country Director for Eastern Europe Arup Banerji.

Ukrhydroenergo also received a $1 million CTF grant to implement the project, the company said in a press release on Monday.

The loan funds will be provided within the framework of the project " – Improving Power System Resilience for European Power Grid Integration (Installation of Hybrid Systems for Electricity Production in Ukrhydroenergo).

"Financing is provided for the installation of 197 short-duration battery energy storage systems combined with solar power plants at Ukrhydroenergo hydroelectric power plants, in particular Kyivska PSPP, Kaniv HPP, Kremenchuk HPP, Seredniodniprovska HPP and Dnistrovska HPP," the company said.

The total capacity of storage systems at five HPPs should be approximately 212 MW, photovoltaic plants would reach 64 MW.

"The installation of hybrid power generation systems will solve a number of problems that the power system is currently facing. Firstly, it is to improve its resilience, secondly, to support the integration of the country’s Integrated Power System into the European ENTSO-E network. I would like to note that the integration will require increased system flexibility," Syrota said.

In addition, according to him, the project "will expand the range of ancillary services that Ukrhydroenergo provides on the electricity market and improve their quality."

Ukrhydroenergo plans to implement the project before 2024.