Ukrainian energy company DTEK has secured a UAH3 billion (€67 million) loan from a consortium of domestic banks to build what is expected to become one of Eastern Europe’s largest battery energy storage systems (BESS).
The financing deal — the largest domestic loan in DTEK’s history for new energy infrastructure — involves state-owned Oschadbank and private lenders PUMB and Ukrgasbank. The loan will support the construction of five storage facilities with a combined capacity of 180 megawatts (MW), part of a broader project targeting 200MW across six sites.
“DTEK’s investments in new energy capacity are not only a response to current challenges but also a contribution to the long-term strategy of ensuring Ukraine’s energy resilience and independence,” said DTEK CEO Maxim Timchenko. “Our goal is not just to restore but to create modern and reliable energy that will become the foundation for the country’s economic development.”
The project is part of Ukraine’s wider effort to modernize its energy infrastructure and enhance grid stability amid ongoing security challenges. The battery system is expected to provide enough capacity to supply electricity to approximately 600,000 households once operational in 2025.
The loan agreement runs through September 25, 2030, and will be partially financed by DTEK’s own funds.
Oschadbank, which led the lending consortium, emphasized the significance of the project during wartime. “It vividly illustrates how in wartime private and state-owned banks are able to unite and change their procedures for the development of the economy and energy security of the state,” said Yuriy Katsion, deputy chairman of Oschadbank’s board responsible for corporate business.
PUMB’s chairman Serhiy Chernenko echoed this sentiment, highlighting the strategic nature of the project. “The stable operation of the energy sector is critically important for Ukraine, especially under constant attacks from the enemy targeting our energy infrastructure,” he said. “This is not just about investing in infrastructure — it’s about strengthening the strategic energy independence and security of our state.”
Ukrgasbank’s acting chairman Rodion Morozov added: “Ukraine’s energy independence has always been a priority for us, and we are proud to be part of this landmark DTEK project.”
The initiative marks a significant step in Ukraine’s ongoing push to diversify its energy mix and increase resilience in the face of continuing geopolitical and energy sector pressures.
