**Ukraine’s Largest Private Energy Company Secures $72 Million Loan to Build Major Battery Energy Storage Complex**
In a significant move towards energy independence and security, Ukraine’s largest private energy company DTEK has secured a $72-million loan to build one of the largest battery energy storage complexes in Eastern Europe. The funding for the project comes from state-owned Oschadbank, Ukrgasbank, and PUMB, with the loan agreement running until September 25, 2030.
The project involves six energy storage installations across Ukraine, totaling 200 megawatts to power 600,000 households. This is a crucial step towards increasing the share of renewable energy in Ukraine’s grid from the current 10% to 27% by 2030. The battery energy storage facilities will allow for the efficient storage and use of energy created by renewables like solar and wind.
**A Crucial Step Towards Energy Independence**
The loan, which is DTEK’s largest domestic loan agreement to finance new energy infrastructure, covers part of the construction costs for five of the installations. DTEK CEO Maksym Timchenko stated that the company’s investments in new energy capacity are not only a response to current challenges but also a contribution to ensuring Ukraine’s long-term energy resilience and independence.
This project is particularly significant given the devastating impact of Russian attacks on Ukraine’s energy infrastructure last year, which resulted in the loss of 90% of DTEK’s energy generation capacities. The company sees battery energy storage facilities as a path to decentralization and unification with the EU, and has continued to invest in energy projects in Ukraine despite these challenges.
**A Major Investment in Energy Security**
The project is not only important for Ukraine but also reflects the country’s commitment to increasing its share of renewable energy. The cooperation between DTEK and Ukrainian banks strengthens Ukraine’s energy security and potential, as stated by Serhiy Chernenko, Chairman of PUMB’s Board.
This investment comes at a critical time, as Ukraine looks to increase its reliance on renewable energy and reduce its dependence on imported fuels. The project is expected to have a significant impact on the country’s energy sector, providing a reliable source of power for hundreds of thousands of households.
**A Step Towards Energy Independence**
In conclusion, DTEK’s $72-million loan to build one of the largest battery energy storage complexes in Eastern Europe is a crucial step towards Ukraine’s energy independence and security. The project reflects the country’s commitment to increasing its share of renewable energy and reducing its reliance on imported fuels.
The loan agreement between DTEK and Ukrainian banks demonstrates the potential for cooperation between private companies and state-owned institutions to achieve shared goals. This investment is a testament to Ukraine’s determination to become more energy-independent and secure, and we can expect to see further developments in this area as the country continues to invest in renewable energy.
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