OREANDA-NEWS. September 26, 2012. Ukraine and the European Investment Bank have signed an agreement on receiving a loan of 200 million euros for the project "Rehabilitation of hydroelectric power stations".

"We are very pleased with our effective cooperation and the agreement on the allocation of EUR 200 million, which will go to the Ukrainian energy sector. This is a very important event, because it is about a renewable, clean energy, and thanks to our joint efforts the amount of this energy will continue to grow" - Yuriy Boyko said.

In turn, Hans Olbers said that European Investment Bank’s financing on rehabilitation hydroelectric power stations projects is a continuation of a fruitful cooperation with Ukraine, which extends from 2007.

"With the signing of today's agreement the amount of loans provided to Ukraine will be 1.3 billion euros, making it the largest recipient of EIB lending in the region, and we really appreciate ... In my opinion, this project demonstrates the ability of the EIB to mobilize sufficiently large amounts - it's about 200 million euros. Loans may be allocated for a very long time, 20 years, and at attractive interest rates. In the end, I want to say that we are very pleased with our cooperation and we wish to continue it in the future"- the director of the EIB said.

Rehabilitation of hydroelectric power stations project will ensure the reliable operation of 22 hydraulic structures of JSC "Ukrhydroenergo", located on the Dnieper river and will increase hydroelectric power to 100 MW it also improve their environmental and technical safety, as well as use water resources the most effectively.

The total expected cost of the project amounts to 690 million euros, including loans for the EBRD and EIB - EUR 400 million on a parity basis, the rest co-financing - by JSC "Ukrhydroenergo."