On July 17, 2024, Ukraine’s state-owned nuclear energy company Energoatom and a consortium of international banks, consisting of Deutsche Bank AG and Barclays Bank PLC, signed a credit agreement amounting to £181 million.
The loan aims to facilitate the execution of a contract between Energoatom and Urenco for the procurement of nuclear fuel. Specifically, the funds will be used to finance the supply of nuclear materials, including enriched and natural uranium hexafluoride, as per the contract. The agreement covers the supply of these materials until 2035, with an option to extend the contract until 2043.
The loan is provided for a period of 5 years and is backed by a guarantee from the UK government through its export credit agency, UKEF.
“Cooperation with the United Kingdom in the nuclear sector is of strategic importance for our country. Ukraine has completely severed ties with the terrorist state of Russia in the nuclear sector, including the supply of enriched uranium. Continuing long-term collaboration with British partners in this matter not only enhances our energy independence but is also crucial for the future development of the nuclear sector globally,” stated Ukraine’s Minister of Energy, Herman Halushchenko.
In November 2023, Energoatom and Urenco signed a contract for the supply of enriched uranium products for Ukrainian nuclear power plants.
