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DTEK Seeks Reconstruction Fund for Financing
April 17, 2026
DTEK Oil & Gas is in talks with the US-Ukraine Reconstruction Investment Fund to secure financing for its more complex and costly energy projects. The fund was established as part of the broader US-Ukraine minerals deal and received $150mn in seed funding from the US DFC and the Ukrainian government. External funding is currently on hold as DTEK seeks consent from its bondholders to transfer the project rights to an SPV. Some of the project rights are held by NGD Holding B.V., a restricted entity, that issued $275mn in bonds. This transfer is a prerequisite for unlocking new financing. As part of the same bondholder consent process, the company is also seeking to extend its bond maturity by three years to December 2029. The company’s financial position is complicated by two additional pressures: war-related shelling that damaged its infrastructure and Ukraine’s capital controls that restrict its ability to move funds abroad, making it difficult to service its bond obligations.
DTEK’s dollar bonds traded stable, with its 6.75% 2026s at 94.5, yielding 15.35%
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