The European Bank for Reconstruction and Development (EBRD) approved the Ukraine Sustainable Energy Lending Facility (USELF III) project, worth €250 million, according to the Kyiv Post on Sunday.
The EBRD's Senior Adviser for External Relations Anton Usov said that the USELF III project will support private projects in renewable energy in Ukraine.
'The EBRD board made the corresponding decision at a meeting on July 18,' he said.
The official said that the bank is supporting Ukraine's renewable energy policy and the USELF project.
Since 2009, the bank financed renewable projects for a total of more than €100 million in Ukraine.
Renewable energy covers only 1.5 percent of Ukraine's energy needs, while the country aims to achieve 11 percent by 2020.
Nuclear energy, natural gas and coal meet most of the country's energy needs.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr