U.S. Development Finance Corp. Grants $85 Million Loan to Ukraine's DTEK for Battery Storage
The U.S. International Development Finance Corporation approved an $85 million loan to DTEK, Ukraine’s largest private energy firm, to expand its battery storage system amid ongoing Russian attacks on the power grid.
On September 16, the U.S. International Development Finance Corporation announced an $85 million loan to DTEK, the country’s largest private energy company, marking the agency’s largest wartime transaction. The funding will refinance loans from Ukrainian banks and support the construction of further battery storage alongside Fluence Energy, which supplied the initial 698 Gridstack batteries that form a 200-megawatt system capable of powering 600,000 homes for two hours.
With Russian forces repeatedly striking power plants, the project is intended to bolster grid stability in Kyiv and the Dnipropetrovsk oblast. DTEK, owned by billionaire Rinat Akhmetov, has positioned itself as a gateway for foreign investors, though large-scale overseas investment has been scarce. CEO Maxim Timchenko highlighted the loan as a signal that the DFC is ready to back Ukraine and DTEK, encouraging private capital to follow.
The DFC’s chief Ben Black emphasized the deal’s role in strengthening supply chains and economic resilience, echoing past U.S. efforts to exclude Chinese components from critical projects. DTEK is preparing to restore 4 GW of generation capacity before the upcoming heating season, after its thermal plants were heavily damaged last winter.
Why it matters
The financing boosts Ukraine’s energy resilience during war and may unlock further private investment in a critical sector.
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