diff --git a/.changeset/wise-kings-reply.md b/.changeset/wise-kings-reply.md
new file mode 100644
index 000000000..b116f43f5
--- /dev/null
+++ b/.changeset/wise-kings-reply.md
@@ -0,0 +1,5 @@
+---
+"@typechain/ethers-v5": patch
+---
+
+Fix for unused type in new ethers-v5 codegen
diff --git a/packages/hardhat-test/typechain-types/Directory/Hello.ts b/packages/hardhat-test/typechain-types/Directory/Hello.ts
index f5c219bdf..3606d9775 100644
--- a/packages/hardhat-test/typechain-types/Directory/Hello.ts
+++ b/packages/hardhat-test/typechain-types/Directory/Hello.ts
@@ -9,7 +9,6 @@ import type {
   TypedEvent,
   TypedListener,
   OnEvent,
-  PromiseOrValue,
 } from "../common";
 
 export interface HelloInterface extends utils.Interface {
diff --git a/packages/hardhat/test/fixture-projects/hardhat-project/typechain-types/artifacts/contracts/EdgeCases.ts b/packages/hardhat/test/fixture-projects/hardhat-project/typechain-types/artifacts/contracts/EdgeCases.ts
index 1dbd37100..8eba81138 100644
--- a/packages/hardhat/test/fixture-projects/hardhat-project/typechain-types/artifacts/contracts/EdgeCases.ts
+++ b/packages/hardhat/test/fixture-projects/hardhat-project/typechain-types/artifacts/contracts/EdgeCases.ts
@@ -9,7 +9,6 @@ import type {
   TypedEvent,
   TypedListener,
   OnEvent,
-  PromiseOrValue,
 } from "../../common";
 
 export interface EdgeCasesInterface extends utils.Interface {
diff --git a/packages/hardhat/test/fixture-projects/hardhat-project/typechain-types/artifacts/contracts/TestContract.ts b/packages/hardhat/test/fixture-projects/hardhat-project/typechain-types/artifacts/contracts/TestContract.ts
index 2e6f94c42..db01ca653 100644
--- a/packages/hardhat/test/fixture-projects/hardhat-project/typechain-types/artifacts/contracts/TestContract.ts
+++ b/packages/hardhat/test/fixture-projects/hardhat-project/typechain-types/artifacts/contracts/TestContract.ts
@@ -9,7 +9,6 @@ import type {
   TypedEvent,
   TypedListener,
   OnEvent,
-  PromiseOrValue,
 } from "../../common";
 
 export interface TestContractInterface extends utils.Interface {
diff --git a/packages/hardhat/test/fixture-projects/hardhat-project/typechain-types/artifacts/contracts/TestContract1.ts b/packages/hardhat/test/fixture-projects/hardhat-project/typechain-types/artifacts/contracts/TestContract1.ts
index 0a4eed8e5..dff563516 100644
--- a/packages/hardhat/test/fixture-projects/hardhat-project/typechain-types/artifacts/contracts/TestContract1.ts
+++ b/packages/hardhat/test/fixture-projects/hardhat-project/typechain-types/artifacts/contracts/TestContract1.ts
@@ -9,7 +9,6 @@ import type {
   TypedEvent,
   TypedListener,
   OnEvent,
-  PromiseOrValue,
 } from "../../common";
 
 export interface TestContract1Interface extends utils.Interface {
diff --git a/packages/target-ethers-v5-test/types/v0.6.4/Issue428_Reproduction/A.ts b/packages/target-ethers-v5-test/types/v0.6.4/Issue428_Reproduction/A.ts
index f58b16918..98287f216 100644
--- a/packages/target-ethers-v5-test/types/v0.6.4/Issue428_Reproduction/A.ts
+++ b/packages/target-ethers-v5-test/types/v0.6.4/Issue428_Reproduction/A.ts
@@ -9,7 +9,6 @@ import type {
   TypedEvent,
   TypedListener,
   OnEvent,
-  PromiseOrValue,
 } from "../../common";
 
 export interface AInterface extends utils.Interface {
diff --git a/packages/target-ethers-v5-test/types/v0.6.4/Issue428_Reproduction/B.ts b/packages/target-ethers-v5-test/types/v0.6.4/Issue428_Reproduction/B.ts
index d0bfc5f5d..2a49529ef 100644
--- a/packages/target-ethers-v5-test/types/v0.6.4/Issue428_Reproduction/B.ts
+++ b/packages/target-ethers-v5-test/types/v0.6.4/Issue428_Reproduction/B.ts
@@ -9,7 +9,6 @@ import type {
   TypedEvent,
   TypedListener,
   OnEvent,
-  PromiseOrValue,
 } from "../../common";
 
 export interface BInterface extends utils.Interface {
diff --git a/packages/target-ethers-v5-test/types/v0.6.4/Name-Mangling/NAME12mangling.ts b/packages/target-ethers-v5-test/types/v0.6.4/Name-Mangling/NAME12mangling.ts
index 0bc2c5e14..143ad127c 100644
--- a/packages/target-ethers-v5-test/types/v0.6.4/Name-Mangling/NAME12mangling.ts
+++ b/packages/target-ethers-v5-test/types/v0.6.4/Name-Mangling/NAME12mangling.ts
@@ -17,7 +17,6 @@ import type {
   TypedEvent,
   TypedListener,
   OnEvent,
-  PromiseOrValue,
 } from "../../common";
 
 export interface NAME12manglingInterface extends utils.Interface {
diff --git a/packages/target-ethers-v5-test/types/v0.8.9/nested/a/NestedLibrary.ts b/packages/target-ethers-v5-test/types/v0.8.9/nested/a/NestedLibrary.ts
index f5cc963ab..3bc95b6bb 100644
--- a/packages/target-ethers-v5-test/types/v0.8.9/nested/a/NestedLibrary.ts
+++ b/packages/target-ethers-v5-test/types/v0.8.9/nested/a/NestedLibrary.ts
@@ -17,7 +17,6 @@ import type {
   TypedEvent,
   TypedListener,
   OnEvent,
-  PromiseOrValue,
 } from "../../../common";
 
 export interface NestedLibraryInterface extends utils.Interface {
diff --git a/packages/target-ethers-v5-test/types/v0.8.9/nested/b/NestedLibrary.ts b/packages/target-ethers-v5-test/types/v0.8.9/nested/b/NestedLibrary.ts
index 54cdfb326..5eef3ca0b 100644
--- a/packages/target-ethers-v5-test/types/v0.8.9/nested/b/NestedLibrary.ts
+++ b/packages/target-ethers-v5-test/types/v0.8.9/nested/b/NestedLibrary.ts
@@ -17,7 +17,6 @@ import type {
   TypedEvent,
   TypedListener,
   OnEvent,
-  PromiseOrValue,
 } from "../../../common";
 
 export interface NestedLibraryInterface extends utils.Interface {
diff --git a/packages/target-ethers-v5/src/codegen/index.ts b/packages/target-ethers-v5/src/codegen/index.ts
index 1c176af48..09643500f 100644
--- a/packages/target-ethers-v5/src/codegen/index.ts
+++ b/packages/target-ethers-v5/src/codegen/index.ts
@@ -4,7 +4,6 @@ import {
   CodegenConfig,
   Contract,
   createImportsForUsedIdentifiers,
-  createImportTypeDeclaration,
   EventDeclaration,
   FunctionDeclaration,
   StructType,
@@ -120,29 +119,27 @@ export function codegenContractTypings(contract: Contract, codegenConfig: Codege
     ? `${new Array(contract.path.length).fill('..').join('/')}/common`
     : './common'
 
-  const imports =
-    createImportsForUsedIdentifiers(
-      {
-        'type ethers': [
-          'BaseContract',
-          'BigNumber',
-          'BigNumberish',
-          'BytesLike',
-          'CallOverrides',
-          'ContractTransaction',
-          'Overrides',
-          'PayableOverrides',
-          'PopulatedTransaction',
-          'Signer',
-          'utils',
-        ],
-        'type @ethersproject/abi': ['FunctionFragment', 'Result', 'EventFragment'],
-        'type @ethersproject/providers': ['Listener', 'Provider'],
-      },
-      source,
-    ) +
-    '\n' +
-    createImportTypeDeclaration([...EVENT_IMPORTS, 'PromiseOrValue'], commonPath)
+  const imports = createImportsForUsedIdentifiers(
+    {
+      'type ethers': [
+        'BaseContract',
+        'BigNumber',
+        'BigNumberish',
+        'BytesLike',
+        'CallOverrides',
+        'ContractTransaction',
+        'Overrides',
+        'PayableOverrides',
+        'PopulatedTransaction',
+        'Signer',
+        'utils',
+      ],
+      'type @ethersproject/abi': ['FunctionFragment', 'Result', 'EventFragment'],
+      'type @ethersproject/providers': ['Listener', 'Provider'],
+      [`type ${commonPath}`]: [...EVENT_IMPORTS, 'PromiseOrValue'],
+    },
+    source,
+  )
 
   return imports + source
 }
@@ -204,25 +201,23 @@ export function codegenContractFactory(
 
   const commonPath = `${new Array(contract.path.length + 1).fill('..').join('/')}/common`
 
-  const imports =
-    createImportsForUsedIdentifiers(
-      {
-        ethers: [
-          'Signer',
-          'utils',
-          'Contract',
-          'ContractFactory',
-          'PayableOverrides',
-          'BytesLike',
-          'BigNumberish',
-          'Overrides',
-        ],
-        'type @ethersproject/providers': ['Provider', 'TransactionRequest'],
-      },
-      source,
-    ) +
-    '\n' +
-    createImportTypeDeclaration(['PromiseOrValue'], commonPath)
+  const imports = createImportsForUsedIdentifiers(
+    {
+      ethers: [
+        'Signer',
+        'utils',
+        'Contract',
+        'ContractFactory',
+        'PayableOverrides',
+        'BytesLike',
+        'BigNumberish',
+        'Overrides',
+      ],
+      'type @ethersproject/providers': ['Provider', 'TransactionRequest'],
+      [`type ${commonPath}`]: ['PromiseOrValue'],
+    },
+    source,
+  )
 
   return imports + source
 }