Sayenko Kharenko acted as Ukrainian legal counsel to the European Bank for Reconstruction and Development (EBRD) in connection with an additional EUR 50 million loan to the City of Kyiv aimed at strengthening energy security in Ukraine’s capital.
The loan is supported by a first-loss risk cover guarantee from the European Union under the Ukraine Investment Framework, covering 25 per cent of the financing. It is intended to help the City of Kyiv and its municipal utility, Kyivteploenergo, address urgent liquidity needs arising from wartime damage, increased demand for municipal services and constrained public finances. The financing will support the uninterrupted provision of heating, electricity and other essential municipal services, while helping Kyivteploenergo maintain operations, retain its workforce and carry out urgent repairs ahead of the winter heating season. The loan will also support the city’s efforts to strengthen energy resilience, including through the deployment of decentralised cogeneration units capable of operating independently during national grid outages.
EBRD is Ukraine’s largest institutional investor, having substantially increased its investment in the country since Russia launched a full-scale invasion in 2022. Since the start of the war, EBRD has deployed EUR 10.5 billion to support the real economy, with a particular focus on energy security, private-sector resilience and critical infrastructure.
Sayenko Kharenko’s team includes Igor Lozenko, Oles Trachuk and Karina Zadorozhna.