DTEK has raised UAH3bn (€67m) from a consortium of Ukrainian banks to build one of the largest energy storage complexes in eastern Europe.
Oschadbank, along with PUMB and Ukrgasbank (UGB), will provide the loan to finance the construction of the battery energy storage system in Ukraine.
The deal is DTEK’s largest domestic loan agreement to finance new energy infrastructure.
DTEK chief executive 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 new BESS complex will be the largest in Ukraine. The loan agreement covers five energy storage installations with a combined capacity of 180MW.
In total, six energy storage installations with a capacity of 200MW 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 September 25, 2030.
Yuriy Katsion, deputy chairman of Oschadbank’s board responsible for corporate business, said: “The consortium loan agreement concluded under the leadership of Oschadbank provides for project financing.
“It vividly illustrates how in wartime private and state-owned banks are able to unite and change their procedures for the development of the economy and energy security of the state.
“It is not the first consortium organised by Oschad during the war, which allows businesses to implement large investment projects.”
Chairman of PUMB’s board Serhiy Chernenko said: “The stable operation of the energy sector is critically important for Ukraine, especially under constant attacks from the enemy targeting our energy infrastructure.
“At PUMB, we recognise our responsibility as a bank that consistently supports the country, and we are doing everything we can to financially contribute to the development of new energy capacities.
“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 in 2025.
Acting chairman of Ukrgasbank’s board Rodion Morozov said: “Ukraine’s energy independence has always been a priority for us, and we are proud to be part of this landmark DTEK project.”