On November 13, 2021, on the official website of the State Enterprise “Guaranteed Buyer”,  Mr. Kostiantyn Petrykovets said in a statement that the Prime Minister of Ukraine had fired him from the post of director due to the transfer of funds to producers of electricity from renewable energy sources to repay debts to them. Mr. Petrykovets also gave a short interview on one of the TV channels.

Investors in renewable energy were concerned on how UAH 19.3 billion, which were raised by PJSC “NPC “Ukrenergo” through the issuance of Eurobonds, will be used.

European-Ukrainian Energy Agency (EUEA), a non-governmental organization, business association that unites the largest foreign investors with a total investment of over 3.5 billion euros in the renewable energy sector in Ukraine together with other industry associations on November 9, 2021 sent a letter to the Prime Minister of Ukraine on ensuring the immediate use of funds from Eurobonds to repay debts to producers of electricity from renewable energy sources.

EUEA and industry associations as UARE and UWEA will make an official statement at a press conference today, on November 15, 2021 at 10.30 am Kyiv time, so follow the EUEA Facebook and LinkedIn pages.

Let’s recall the chronology of events:

On October 11, 2021, the Cabinet of Ministers of Ukraine decided to provide a state guarantee in 2021 to ensure full fulfillment of debt obligations of PJSC “NPC “Ukrenergo” on a loan not exceeding UAH 22.8 billion. Separately, in this decision, the Government obliged the Ministry of Energy together with PJSC “NPC “Ukrenergo” and the State Enterprise “Guaranteed Buyer” to ensure the allocation of funds on borrowings to repay debts electricity producers from renewable energy.

Among the financial institutions that have invested in the bonds of PJSC “NPC “Ukrenergo” are international financial institutions, such as the European Bank for Reconstruction and Development, which purchased the bonds based on the Government’s assurances that the funds raised will be used to finance renewable energy, in particular to address the payment crisis in the renewable energy sector.

On November 3, 2021, PJSC “NPC “Ukrenergo” issued 5-year Green and Sustainability-linked Eurobond for a USD 825 million size at 6.875% yield under state guarantees provided by the Cabinet of Ministers of Ukraine.

On November 11, 2021, PJSC “NPC “Ukrenergo” transferred UAH 19.3 billion to the SE “Guaranteed Buyer”

On November 12, 2021, SE “Guaranteed Buyer” transferred UAH 19.3 billion to producers of electricity from RES

On November 13, 2021, the Director of the State Enterprise “Guaranteed Buyer” – Konstiantyn Petrykovets was fired by Prime Minister of Ukraine. Producers of electricity from RES did not receive funds.

“I was fired for doing my job honestly and conscientiously. I am convinced that justice will be restored” – Kostiantyn Petrykovets said in a statement on the official website of the Guaranteed Buyer.


Information about this has spread in the media: