Ukrhydroenergo, Ukraine’s national hydropower company, recently engaged in high-level discussions in Warsaw with the European Investment Bank (EIB), the International Bank for Reconstruction and Development (IBRD), and the German state-owned development bank Kreditanstalt für Wiederaufbau (KfW), focusing on strengthening Ukraine’s energy resilience amid wartime challenges. These meetings, held as part of the Rebuild Ukraine conference, underscored the international commitment to supporting the modernization and stability of Ukraine’s energy infrastructure.
In talks with the EIB, Ukrhydroenergo’s General Director Ihor Syrota and his team, including Supervisory Board member Vitalii Kushnirov and Director of the Innovative Projects Department Mariia Bishko, met with senior EIB representatives Rafal Rybacki, Pawel Malinowski, and Oliver Froend. The discussions centered on advancing the “Rehabilitation of Equipment to Enhance Operational Stability and Reliability of Hydropower Plants” project, aimed at reinforcing Ukraine’s energy sector against ongoing threats. EIB officials confirmed their continued support and highlighted the ongoing review of submitted documents to expedite the project.
A key topic was the potential renewal of cooperation to finance the Kaniv Pumped Storage Plant (PSP) project, seen as critical for Ukraine’s energy independence and its ability to meet growing electricity demands. “The European Investment Bank is a reliable partner proven through many years of cooperation,” Syrota stated. “By discussing future projects, we take an important step toward restoring our infrastructure, which is critically important for the stability of Ukraine’s energy system.”
In a separate meeting with IBRD representatives, Ukrhydroenergo outlined priorities for the “Ukraine – Enhancing Power System Resilience for European Grid Integration Project,” which involves the installation of hybrid power generation systems. World Bank officials Koji Nishida and Silvia Martinez Romero joined Syrota, Kushnirov, and Bishko to discuss co-financing priorities, which include acquiring essential backup equipment to maintain uninterrupted plant operations and securing resources for infrastructure damaged by missile strikes.
Additionally, Ukrhydroenergo representatives held talks with KfW officials to explore financing mechanisms to restore damaged facilities and ensure the sustainable operation of Ukraine’s power system. Syrota discussed the state of Ukraine’s power infrastructure and the specific challenges faced by its hydropower generation capacity with Thomas Eisenbach, Head of Energy and Natural Resources in Eastern Europe, Caucasus, and Central Asia at KfW Development Bank, and Senior Project Portfolio Manager Almut Ahlers. The discussions focused on identifying new funding mechanisms to continue restoration efforts through 2025.
“Since the beginning of the full-scale invasion, we have lost 40% of our hydroelectric generation capacity due to targeted attacks by the Russians. We understand how important it is to restore these capacities as soon as possible, as they play a key role in balancing the power system during peak load hours,” said Syrota. “Cooperation with international financial institutions is critical to further stabilize Ukraine’s power system. We are committed to consolidating our efforts to attract resources and utilize them as efficiently as possible.”
Together, these discussions with EIB, IBRD, and KfW underscore the international community’s continued commitment to strengthening Ukraine’s energy sector. The agreed-upon initiatives pave the way for infrastructure modernization, increased resilience against potential future threats, and greater integration with the European energy market.
