EBRD approves USELF III for €250 million to support renewable energy in Ukraine

The European Bank for Reconstruction and Development (EBRD) has approved a new program USELF III (Ukraine Sustainable Energy Lending Facility) worth EURO 250 million to support private projects in renewable energy in Ukraine.

EBRD Senior Adviser for External Relations Anton Usov told Interfax-Ukraine the board of directors made the corresponding decision at a meeting on July 18.

The bank said it has been supporting the development of renewable energy in Ukraine within the framework of the USELF program since 2009, but it expires on June 30, 2018, and USELF III should replace it.

During the first program, the bank financed projects for total of more than EUR 100 million to fund projects with a total capacity of over 150 MW of various renewable energy technologies, the document says.

The EBRD notes that as a result of the development of the renewable energy sector, interest from large international developers is growing, and they are ready to implement larger projects in the field of renewable energy.

The bank also says that despite the significant growth of the sector in Ukraine, its share remains insignificant at 1.5 percent, while the National Action Plan for Renewable Energy envisages the increase of this share to 11 percent by 2020.