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In order to qualify for a USELF loan, the companies and projects have to meet certain institutional, financial, and technical eligibility criteria.

Eligibility criteria for companies

Eligible companies are:

  • privately owned, registered and operating in Ukraine
  • operating in compliance with national environmental, health and safety legislation
  • not engaged in activities prohibited under the EBRD’s Exclusion and Referrals list (tobacco, alcohol, etc.).

Further, companies applying for financing under the Facility must meet the following general eligibility criteria:

  • for existing businesses: proven track record and sound credit history, including financial reporting according to local accounting standards:
    Start-up energy projects will be judged on the basis of the customary technical and market due diligence, as well as satisfactory financial projections.
  • good reputation and corporate governance practices, including satisfactory results under the Bank’s integrity due diligence procedure
  • willingness to introduce International Financial Reporting Standards (IFRS) reporting (if not already in place) within a reasonable timeframe from signing the loan agreements (up to two years)
  • sound management and organizational structure
  • sound financial structure (including sufficient security package for proposed borrowing)

Eligibility criteria for projects

Eligible projects should:

  • replace electricity generated from conventional energy sources
  • provide significant greenhouse gas emission reductions
  • be based on proven technology
  • be financially viable.
  • comply with the Bank’s procurement and environmental requirements.

Projects shall also comply with applicable EBRD, national and European Union requirements for health & safety, and especially, but not restricted to the Habitat Directive, for the impacts of certain public and private projects on the environment.