The European Bank for Reconstruction and Development (EBRD) will provide a $70 million loan to Coal Energy S.A. (Luxemburg) with assets in Ukraine.
EBRD Principal Advisor for External Affairs Anton Usov told
Interfax-Ukraine on Thursday that the decision was made by the bank’s
board of directors a day before.
He said that the agreement would be signed next week.
Earlier, the EBRD said that the bank was considering a project aimed
at financing the development of Coal Energy’s waste coal recycling
business, the construction of beneficiation facilities at its Svyatoy
Matrony Moskovskoy coking coal mine, and the mechanization of its
Chapaeva energy coal mine. The project will also finance the
implementation of energy efficiency, environmental and safety measures
at Coal Energy’s priority mines and provide working capital to support
its operations.
Coal Energy runs ten coalmines and recycling and processing plants.
The company sells coal to heat and power, coking and cement plants and
municipalities. It also exports coal to Bulgaria, Slovakia, Moldova, and
Turkey.
Prior to its initial public offering (IPO), 100% of Coal Energy’s
shares belonged to Cyprus-based Lycaste Holdings Limited, which is 50:50
owned by Viktor Vyshnevetskyy and Maryna Vyshnevetska.
