The European Bank for Reconstruction and Development is providing an up to €149 million loan to Ukrenergo NPC SE to upgrade Ukraine's power transmission system.

The 15-year sovereign-guaranteed loan will strengthen Ukrenergo's capacity to accommodate more renewables in the Ukrainian grid. The upgrade is also necessary to synchronize the grid with the European electricity networks.

Ukrenergo will use the loan to acquire up to 26 new transformers, and automate and upgrade 12 high-voltage substations, according to a July 30 news release.