Ukraine and World Bank sign Ukraine hydropower rehabilitation loan agreement

The Government of Ukraine and the World Bank signed a loan agreement for additional financing to the Hydropower Rehabilitation Project in the amount of US$ 60 million, the World Bank reported.

The original loan for the Hydropower Rehabilitation Project in the amount of US$106 million was approved on June 21, 2005 and became effective on Feb. 3, 2006. The main objectives of the Hydropower Rehabilitation Project are to improve the reliability, efficiency and safety of the operation of UkrHydroEnergo hydraulic structures and equipment and to improve their environmental performance.

The latter will be achieved through the reduction in emissions of greenhouse gases, the installation of nonpolluting turbine runners, and the elimination of oil leaks into Dnipro and Dnister Rivers. Recently, the first unit of the Dnister Hydroelectric Power Plant – one of the largest pumped-storage hydro plants in the world — was put into operation. (HydroWorld 1/7/10)

The rehab project will help increase the installed capacity of the Dnipro Hydropower Cascade by about 400 MW and its production by about 500 GWh, which is equivalent to building a major new hydropower plant. The project also pioneered the concept of Carbon Financing in Ukraine, as it was the first Joint Implementation Project under the Kyoto Protocol in the country.

The additional financing supports the rehabilitation of three hydroelectric units in the Dniprovska 2 Hydropower Plant (HPP) and three hydroelectric units in the Kremenchug HPP.

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