DTEK closes loan agreement for 180MW battery storage projects
Image courtesy DTEK
Ukrainian energy company DTEK has reached a loan agreement with a consortium of Ukrainian banks for five energy storage installations totalling 180MW.
Oschadbank, along with PUMB and Ukrgasbank (UGB), are providing around €67 million ($76.3 million).
Led by Oschadbank, DTEK says in a release that the loan in the largest financing yet of an energy storage project in Ukraine.
The deal is also DTEK’s largest domestic loan agreement to finance new energy infrastructure.
Commenting in a release was DTEK CEO Maxim Timchenko: “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.
“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 loan agreement covers five energy storage installations with a total capacity of 180MW, which means that six energy storage installations with a capacity of 200MW are planned in total for construction in various regions of the country.
DTEK announced the project back in September 2025, later selecting Fluence Energy to deliver the 200MW advanced energy storage systems.
The project consists of an investment of €140 million ($143 million) and will lead to the delivery of Ukraine’s first large-scale battery-based energy storage portfolio and the provision of 400MWh of dispatchable power – declared enough to supply short term power for 600,000 homes.
Construction of the storage installations is expected to be completed in 2025.
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The bank lending will finance part of the project costs, with the remainder coming from DTEK’s own funds. The agreement with the banks runs until 25th September 2030.
Said Yuriy Katsion, deputy chairman of Oschadbank’s Board, responsible for corporate business: “The consortium loan agreement concluded under the leadership of Oschadbank provides for project financing.
“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. It is not the first consortium organized by Oschad during the war, which allows businesses to implement large investment projects.”
Serhiy Chernenko, chairman of PUMB’s Board said: “The stable operation of the energy sector is critically important for Ukraine, especially under constant attacks from the enemy targeting our energy infrastructure.
“At PUMB, we recognise our responsibility as a bank that consistently supports the country, and we are doing everything we can to financially contribute to the development of new energy capacities. This is not just about investing in infrastructure — it’s about strengthening the strategic energy independence and security of our state.”
Rodion Morozov, acting chairman of Ukrgasbank’s Board said: “UGB continues its strategic support of Ukraine’s energy system. Ukraine’s energy independence has always been a priority for us, and we are proud to be part of this landmark DTEK project. The construction energy storage facility will significantly strengthen our energy security.”
