EBRD approves EUR 60m loan for biofuels project in Ukraine

The European Bank for Reconstruction and Development (EBRD) has agreed to provide a EUR-60-million (USD 64.4m) senior secured loan to support a privately owned project for the construction of a greenfield biofuels project in Ukraine.

The loan has been granted to Lan-Oil LLC, a limited liability company focused on future biofuels operations and established by fuel retailer OKKO Group in Ukraine.

The project will support the diversification of energy sources in the country, namely the production of bioethanol which will be in line with the EU Renewable Energy Directive (RED III), according to a notice published on the lender’s website on Wednesday

The initiative is sponsored by transportation fuels distributor JSC Concern Galnaftogaz, which is part of OKKO and had 396 OKKO-branded filling stations as of end-2023.

(EUR 1 = USD 1.074)

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