UGB Joins Other Banks to Finance DTEK’s UAH 3 Billion Energy Storage Project
DTEK has reached an agreement with a consortium of Ukrainian banks on a record-breaking loan facility to support a cutting-edge energy storage systems project in Ukraine. Oschadbank, UGB and FUIB are jointly providing around UAH 3 billion (approximately EURO 67 million) to fund the construction of one of the largest energy storage facilities in Eastern Europe.
The corresponding loan agreement was signed last week and represents DTEK’s largest domestic loan aimed at creating new energy infrastructure.
“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,” emphasized Maksym Tymchenko, CEO of DTEK.
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 25th September 2030.
“UGB continues its strategic support of Ukraine's energy system. Ukraine's energy independence has always been a priority for us, and we are proud to be part of this landmark DTEK project. The construction of energy storage facilities will significantly strengthen our national energy security,” said Rodion Morozov, Acting Chairperson of the Management Board at Ukrgasbank.
The project will enable simultaneous electricity supply to 600,000 Ukrainian households. Construction of the storage installations is expected to be completed in 2025.
Such financial cooperation within Ukrainian business in the energy sector accelerates the construction of new energy capacities in Ukraine, supports the restoration of energy potential, and strengthens the country’s energy security.
03.06.2025