CMS advises EIB on €300m loan to Naftogaz bolstering Ukraine’s energy security
CMS has advised the European Investment Bank (EIB) on a €300m loan agreement with Naftogaz Group to finance the purchase of natural gas, build long-term strategic reserves, and ensure stable winter supplies for households and businesses across Ukraine.
The financing, delivered under the EIB’s Ukraine Energy Rescue Plan and backed by an EU guarantee through the Ukraine Investment Framework (UIF), responds to urgent security-of-supply needs of Ukraine’s energy infrastructure.
As part of the transaction, Naftogaz has pledged to reinvest an amount equivalent to the EIB loan into renewable energy and decarbonisation projects, strengthening the medium- and long-term sustainability and resilience of Ukraine’s energy system.
This transaction reflects CMS’s experience advising on complex, strategically significant financings that underpin critical infrastructure, energy security and the energy transition across Europe.
Kateryna Chechulina, counsel at CMS Ukraine, commented: “This transaction exemplifies the crucial role mission-driven finance plays in safeguarding Ukraine’s energy sector. By securing gas reserves ahead of the coldest months, this financing helps keep homes warm and businesses running through the winter, while embedding the transition to cleaner energy at the heart of Ukraine’s recovery.”
The CMS team was led by Kateryna Chechulina, and included Ihor Olekhov, Iryna Barlit, Ruslan Dotsenko and Liudmyla Stryzhak (Banking & Finance).
