Photo from UNIAN
Ukraine plans to reduce its dependence on imported energy resources with the help of a new pumped storage power plant (PSPP), which is to be built near the city of Kaniv, 112 Ukraine TV channel reports.
The Cabinet approved the construction project in 2013. This year, JSC Ukrhydroenergo plans to begin priority construction works with funding from the National Energy and Utility Regulation Commission. The whole project is estimated at $1.5 billion.
Funding is also expected to include credit resources, including of international financial institutions. To date, there is a 20% share of credit funds of international financial institutions in total construction costs. "Besides the World Bank for Reconstruction and Development and the European Investment Bank, the European Bank for Reconstruction and Development, and the German Bank KfW showed their interest in the project as well," said Deputy General Director of JSC Ukrhydroenergo Yuriy Lytvynenko.
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"Kaniv PSPP operation would allow saving 125 million cubic meters of gas and 500,000 tonnes of coal a year. As you know, these are imported resources, that is, we are talking about reducing Ukraine’s energy dependence on imported energy resources," said Lytvynenko.
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