Ukrainian utility DTEK has reached agreement with a consortium of Ukrainian banks led by Oschadbank in the largest financing yet of an energy storage project in Ukraine. Oschadbank, along with Ukrainian International Bank (PUMB) and Ukrgasbank (UGB), are providing around 3 billion UAH (€67 million) to fund the construction of what will be one of the largest energy storage complexes in Eastern Europe. The deal is DTEK’s largest domestic loan agreement to finance new energy infrastructure.
DTEK CEO Maxim Timchenko said: “DTEK’s investments in new energy capacity are not only a response to current challenges but also a contribution to the long-term strategy of ensuring Ukraine’s energy resilience and independence. Our goal is not just to restore but to create modern and reliable energy that will become the foundation for the country’s economic development”.
The loan agreement covers five energy storage installations with a total capacity of 180 MW. In total, six energy storage installations with a capacity of 200 MW are planned for construction in various regions of the country. The bank lending will finance part of the project costs, with the remainder coming from DTEK’s own funds. The agreement runs until 25 September 2030.
Serhiy Chernenko, Chairman of PUMB’s Board said: “The stable operation of the energy sector is critically important for Ukraine, especially under constant attacks from the enemy targeting our energy infrastructure. This is not just about investing in infrastructure – it’s about strengthening the strategic energy independence and security of our state”.
The project will enable simultaneous electricity supply to 600 000 Ukrainian households. Construction of the storage installations is expected to be completed during 2025.
