Key facts
- The U.S. International Development Finance Corporation (DFC) approved an €85 million ($97.5 million) loan to DTEK, Ukraine's largest private energy company.
- This is the DFC's largest loan for Ukraine's energy sector since Russia's invasion in 2022.
- The loan will support DTEK's battery storage projects, including the use of American components.
- DTEK is owned by Rinat Akhmetov, Ukraine's richest man.
- The company has already launched Ukraine's largest battery storage facility, built with U.S.-based Fluence, with a capacity to store 400 megawatt hours of electricity.
The U.S. International Development Finance Corporation (DFC) has approved an €85 million ($97.5 million) loan to DTEK, Ukraine's largest private energy company, to expand its battery storage capacity. Announced on Wednesday, September 16, this represents the DFC's largest loan for Ukraine's energy sector since the start of Russia's invasion in 2022.
DTEK CEO Maxim Timchenko stated that the loan signifies DFC's readiness to support Ukraine and DTEK, signaling to private investors that risks are understood and manageable. DFC CEO Ben Black noted that President Donald Trump empowered the DFC to make such investments, which aim to support American exports and secure critical infrastructure.
DTEK, owned by Ukraine's richest man Rinat Akhmetov, has already launched Ukraine's largest battery storage facility in partnership with U.S.-based Fluence. This facility has the capacity to store 400 megawatt hours of electricity, enough to power 600,000 Ukrainian households for two hours. The DFC loan is intended to refinance existing loans from Ukrainian banks and facilitate the construction of more battery storage systems utilizing American components, aligning with U.S. efforts to compete with China by excluding Chinese parts from critical projects.
DTEK is preparing for the upcoming winter, aiming to restore 4 gigawatts of power generation capacity as Russian forces continue to target Ukrainian energy infrastructure.