OTP Bank and ECU strengthen partnership to support energy resilience
JSC OTP Bank and JSC Energy Company of Ukraine (ECU) have signed a financing agreement. The funds raised will help strengthen the company’s liquidity ahead of the heating season and support the implementation of its objectives in the areas of energy independence and development.
“This agreement is strategically important, as the resilience of the energy sector is a key prerequisite for the stable operation of the Ukrainian economy. OTP Bank, as one of the largest foreign-owned banks in Ukraine, provides financing to state-owned companies, and the agreement with ECU confirms our readiness to further expand the Bank’s contribution to projects that strengthen the country’s resilience,” emphasized Volodymyr Mudryi, CEO of OTP Bank.
The partnership between OTP Bank and ECU demonstrates how effective cooperation between the private and public sectors creates additional opportunities for the development of Ukraine’s energy sector and economy as a whole. This cooperation also serves as an important signal of confidence from the international financial sector in ECU’s business model and growth prospects.
“Our growing portfolio of distributed generation projects requires predictable and diversified financing. For ECU, cooperation with a leading Ukrainian bank provides an additional tool to support operational activities and scale our work with municipalities and businesses developing their own energy capacities,” said Vitaly Butenko, CEO of Energy Company of Ukraine.
ECU and OTP Bank view the agreement as a foundation for the further expansion of their partnership.
OTP Bank is one of the largest foreign-owned banks in Ukraine and part of a European financial group operating in 12 countries. The Bank is included in the list of systemically important institutions and supports the development of Ukrainian businesses by financing companies of all sizes, from small and medium-sized enterprises to large corporate clients. Its key lending priorities include agribusiness, manufacturing, logistics, energy, and infrastructure projects. OTP Bank also places special emphasis on financing energy-efficiency initiatives and projects aimed at strengthening business energy resilience.
Energy Company of Ukraine supplies electricity to major strategic enterprises across Ukraine, is one of the largest importers of electricity from EU countries, operates the country’s largest state balancing group, and manages a state aggregated group that supports the development of distributed generation. The company supports new power generation projects at every stage, helping integrate them efficiently into the energy system and use market mechanisms to ensure their economic viability. ECU’s clients generate approximately 10% of Ukraine’s GDP.
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Public Joint Stock Company OTP Bank is a subsidiary of OTP Bank, which is the largest independent Central-Eastern-European banking group. JSC OTP Bank is one of the largest domestic banks, a recognized leader in the financial sector of Ukraine. The Bank provides a full range of financial services to corporate and private customers, as well as to small and medium enterprises. The bank entered the Ukrainian market in 1998, and since then it enjoys a staunch reputation of socially responsible, reliable and stable institution providing its consumers with services of European quality standard.
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