The European Investment Bank (EIB) has launched the Ukraine Energy Rescue Plan, a significant initiative aimed at bolstering the country’s battered energy infrastructure as winter approaches. The EIB plans to allocate up to €600 million ($657.9 million) for emergency energy projects across both public and private sectors.
This funding will be secured under the European Union’s Ukraine Facility, with additional support from the EIB’s EU for Ukraine Fund and Advisory Programme. The objective is to restore and enhance Ukraine’s energy infrastructure while aligning it with EU standards, thus facilitating the country’s integration into the European Union.
The plan prioritizes quick-access financing for projects focused on generating electricity and heat, utilizing equipment that can be swiftly deployed to meet urgent needs of households and businesses. Key initiatives will include the installation of protective shelters for critical electricity substations, aimed at restoring power and heating to essential services such as hospitals, schools, and water supplies. This approach seeks to ensure uninterrupted operations for residents, businesses, and public services.
In addition to immediate relief, the plan incorporates medium-term measures to create a more sustainable and resilient energy sector in Ukraine. Efforts will target improved energy efficiency in both industrial and residential settings, promoting long-term energy conservation and resilience.
The EIB will also expand its existing recovery and municipal framework programs to encompass energy-related projects, in alignment with the priorities established by the Ukrainian government following consultations with the Ministry of Finance.
EIB Group President Nadia Calviño emphasized the importance of the initiative: “The Ukraine Energy Rescue Plan is a crucial measure to ensure that millions of Ukrainian citizens and businesses have the electricity and heat they urgently need to face the coming winter. We aim to invest up to €600 million, leveraging the European Union’s Ukraine Facility and contributions from our shareholder EU member states. The EIB is committed to strengthening Ukraine’s energy infrastructure for the future, working closely with our EU partners during this critical phase and toward a brighter future.”
EIB Vice-President Teresa Czerwińska highlighted the plan’s dual focus on immediate needs and long-term sustainability, stating, “While addressing Ukraine’s immediate energy needs, the plan also invests in the country’s green transition through energy efficiency and renewable projects. This will not only aid in Ukraine’s recovery but also accelerate its path to a sustainable energy future and deeper integration with the European Union.”
Ukraine’s Minister of Finance, Sergii Marchenko, expressed gratitude for the EIB’s swift action, acknowledging the intense pressure on Ukraine’s energy infrastructure from ongoing attacks. “The EIB’s plan to support Ukraine’s energy sector is yet another crucial form of assistance for us in restoring power and heating to essential services like hospitals and schools. This will ensure that our people have access to the energy they need to withstand the potential challenges ahead.”
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