EMSS Energy Efficiency and Modernization Programme
Policy measure

According to the European Bank for Reconstruction and Development (EBRD) (2010), it “is considering providing a senior loan in the amount up to USD 79 [million] to OJSC EnergoMashSpetsStal to finance the completion of its extensive investment program. The EBRD financing will allow OJSC EnergoMashSpetsStal (EMSS) to improve production processes and to increase its competitive position in the European market.”

Total project cost is estimated at USD 273 million (EBRD, 2010).

No identified implementation measures.
No identified challenges.

The following expected project outcomes have been identified (EBRD, 2010):

  • Demonstration effects of new processes and products: The investment programme will significantly improve the efficiency and competitiveness of the Company’s operations through a comprehensive upgrade of all major production facilities and processes. This will set a new benchmark and have a strong demonstration effect in Ukraine’s energy-intensive manufacturing sectors.

  • Greater competition in the Project sector: The Project has direct impact on improvement of competitiveness of EMSS and will benefit the company in strengthening positions on local and external markets. The efficiency gains and product diversification will put competitive pressure on other companies in the sector in Ukraine and neighbouring countries.

  • Improvement of corporate governance: The Bank’s participation in EMSS financing will strengthen the Company’s corporate governance through implementation of the Corporate Governance Action Plan.

  • Demonstration effects of new instruments to finance activities: The Project is expected to generate substantial greenhouse gas emission reductions.”


EBRD (European Bank for Reconstruction and Development), 2010. EMSS Energy Efficiency and Modernization Programme.  Available at: www.ebrd.com/english/pages/project/psd/2010/40263.shtml.