Italy to boost support for Ukraine’s hydropower restoration

Rome: Italy has pledged to increase its support for the restoration of Ukraine’s hydroelectric power plants, which have been heavily damaged by Russian attacks.

This commitment was reaffirmed during a meeting between Ihor Syrota, CEO of Ukrhydroenergo, and Carlo Formosa, the Italian Ambassador to Ukraine. The meeting also included Natalia Boyko, Advisor to the Prime Minister of Ukraine, and Vitaliy Kushnirov, a member of Ukrhydroenergo’s Supervisory Board.

The discussion centered around Italy’s role in the ongoing restoration efforts under a loan agreement with the European Bank for Reconstruction and Development (EBRD) and the Italian Government. This agreement includes €200 million dedicated to repairing the damaged hydroelectric facilities operated by Ukrhydroenergo.

“Rebuilding the destroyed infrastructure is critical to ensuring the energy security of our country. We appreciate the support of countries that help us in such difficult times,” said Syrota, expressing gratitude for Italy’s involvement.

Ambassador Formosa emphasized Italy’s commitment to Ukraine’s energy sector: “We understand the importance of this infrastructure for Ukraine and are impressed by the heroism of Ukrainian power engineers who continue to work in the face of extraordinary challenges. We will actively contribute to implementing restoration projects.”

Both sides agreed to strengthen cooperation and identified key areas for joint energy projects.

This meeting follows the February 17, 2024, signing of a Guarantee Agreement between Ukraine, the EBRD, and the Italian Government to support the Hydropower Emergency Restoration Project. The agreement, signed on behalf of Italy by Vice Prime Minister and Minister of Foreign Affairs Antonio Tajani, and a corresponding loan agreement with Ukrhydroenergo, aims to stabilize Ukraine’s energy system by supplying and installing necessary equipment for two hydroelectric power plants. The project is vital for maintaining the continuous operation of the country’s large hydroelectric facilities amidst ongoing conflict.