EBRD stated that Ukraine urgently needs new generation capacity after Russian attacks severely damaged its power sector, creating a significant shortfall in electricity generation. In response, the bank announced the launch of the Ukraine Renewable Energy Risk Mitigation Mechanism.
The Ukraine Renewable Energy Risk Mitigation Mechanism was presented at the Ukraine Recovery Conference in Rome, where the European Bank for Reconstruction and Development (EBRD) signed letters of intent with the European Union and the Netherlands.
The mechanism is expected to support 1 GW of new renewable energy capacity, potentially mobilising €1.5 billion ($1.75 billion) in investments.
Fundraising among donors has already started and will accelerate. The European Union has approved €180 million ($210 million) to support the mechanism under its Ukraine Investment Framework (UIF) and The Netherlands aims to provide grants of €12 million. Germany, Norway, Sweden, and Switzerland are also considering supporting the initiative.
Ukraine has strong renewable energy potential and its Energy Strategy until 2050 emphasises the importance of new renewables. The initiative is backed by the EBRD, the European Commission, IFC, the World Bank, and Ukraine’s Business Advisory Council, with additional input from EUEA, UWEA and Green Deal Ukraïna.
The mechanism will stabilise revenues for renewable developers and help overcome market volatility, which the EBRD said has deterred investment despite Ukraine’s strong wind and solar potential.
Projects will be selected through competitive auctions, with the EBRD leveraging experience from 17 previous tenders in nine countries totalling 8GW.
The EBRD said the mechanism will be open to all financial institutions to lend to successful projects.
The EBRD said the new mechanism would accelerate investment in secure, clean energy and provide developers with confidence in future revenue streams.
It is one of three new programmes supported by the EU and implemented by the EBRD, alongside Financial Inclusion Recovery Programme, providing €200 million of guarantees with which €2 billion of lending to small- and medium-sized enterprises (SMEs) is targeted. The third is the SME Recovery Programme, providing €45 million to facilitate lending of €135 million for SMEs.
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The European Bank for Reconstruction and Development (EBRD) has announced a loan of up to $25 million to support energy-efficiency upgrades at Tashkent Pipe Plant (TPP), one of Uzbekistan’s leading private steel producers.
Tajikistan has strengthened its position as one of Central Asia’s fastest-growing economies. According to the European Bank for Reconstruction and Development (EBRD), the trend is supported by investment activity, industrial expansion and large-scale infrastructure projects.
The European Bank for Reconstruction and Development (EBRD) has provided a €500 million loan (almost $590 million) to the national gas company Naftogaz (NAK) for emergency gas purchases for Ukraine.
The European Bank for Reconstruction and Development (EBRD) has announced a lending the equivalent of $7 million to Saloğlu, Azerbaijan’s leading furniture producer and retailer, in local currency to help boost its competitiveness.
The 4th Shusha Global Media Forum will bring together nearly 160 media leaders, experts and officials from 54 countries in Azerbaijan's historic city of Shusha on 13-14 July, to discuss journalism’s role in peacebuilding, restoring public trust and tackling challenges.
Typhoon Bavi, the strongest storm to hit the eastern coast of mainland China this year, brought heavy rain, strong winds, flooding and landslides after making landfall in Zhejiang province on Sunday. More than 2.8 million people were evacuated to safety ahead of the storm.
President Ilham Aliyev is holding his annual question-and-answer session with international journalists at the 4th Shusha Global Media Forum in Azerbaijan.
The United States and Iran have significantly escalated their conflict, exchanging heavy missile and drone strikes across the Gulf region. Iran claims it has once again closed the Strait of Hormuz, a vital global shipping route.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 13th of July, covering the latest developments you need to know.
More than 260,000 people were evacuated to safety in China's northeastern Liaoning province after Typhoon Bavi brought severe flooding and widespread disruptions.
Two endangered loggerhead sea turtles have been released into the Mediterranean from Türkiye's Antalya province as part of a conservation project to track their migration and strengthen protection efforts.
Typhoon Bavi, the strongest storm to hit the eastern coast of mainland China this year, brought heavy rain, strong winds, flooding and landslides after making landfall in Zhejiang province on Sunday. More than 2.8 million people were evacuated to safety ahead of the storm.
China has maintained its highest-level rainstorm warning after Typhoon Bavi made landfall on the country's eastern coast, urging large-scale evacuations and emergency preparations across several provinces amid fears of severe flooding and landslides
As a wildfire swept through the mountains toward rural Andalusian villages near Los Gallardos in southern Spain, residents faced a life-or-death decision. They had to choose between sheltering from the smoke or risking evacuation through rapidly spreading flames.
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