Ukrnafta will receive a loan from the EBRD and invest $1B in constructing power plants to become a multi-energy company.

Ukrnafta CEO Serhiy Koretskyi said that the company plans to build gas piston installations with a capacity of at least 1,000 MW. For this, the company will use its own funds and borrow funds from Ukrgasbank, Sense Bank, and Oschadbank.

“We plan to build approximately 1,000 MW of such installations for $1B. At the same time, we are working on wind and solar power plant projects. This is a complex project, the full implementation of which will take approximately three years,” the head of the company said.

Ukrnafta aims to repay the debt in four to five years as it becomes a multi-energy company. “This is inevitable,” Koretskyi emphasized.

The company plans to sign an €80M loan agreement with the EBRD this year. The funds will be used for the construction of gas turbines. 2023’s results, when Ukrnafta earned ₴23.6B in net profit, also helped the EBRD to approve the company’s loan.