24 September 2012: The European Investment Bank (EIB) announced it will lend EUR 200 million to Ukraine for modernizing and upgrading generation of hydroelectricity through the UkrHydroEnergo programme. The project is expected to result in a significant reduction of fossil fuel consumption and carbon dioxide emissions in Ukraine.

The funds will go towards refurbishing six power stations in the transboundary Dnieper River basin, increasing generation to 980 megawatts (MW), for a 10% gain in electrical capacity. Co-financed by the European Bank for Reconstruction and Development (EBRD) the EIB funds have been extended through the Eastern Partners Facility. [EU Press Release]