The loan will be used by the Romanian bank for on-lending to private companies seeking to improve energy efficiency. The loan is supplementing a similar €20 million credit line offered by the EBRD to BCR in 2008.
The credit facility is part of the EU/EBRD Energy Efficiency Finance Facility framework, and will be used to finance energy efficiency investments undertaken by Romanian businesses with long-term loans worth up to €2.5 million each.
The project will enable Romanian companies to maximise energy savings, mitigate the impact of rising energy prices and to improve overall competitiveness.
With the support of grant financing from the EU, sub-borrowers undertaking sustainable energy investments will be eligible for an incentive payment from the EBRD of up to 15 per cent of the amount of their investment upon the completion of the works, subject to applicable conditions.
“Reducing energy intensity is a high priority for the EBRD in Romania, which has a substantial potential for energy efficiency improvements. We are pleased to continue our successful cooperation with BCR by extending new financing for sustainable energy projects”, said Jean-Marc Peterschmitt, EBRD director for financial institutions.
With the support of the initial loan from the EBRD BCR financed 14 energy efficiency projects, which enabled BCR clients to reduce their energy costs and cut emissions by up to 60 per cent per year and improve their overall productivity.
The additional funding by the EBRD is part of a strategic relationship we have with this international financial institution”, said Wolfgang Schoiswohl (photo), executive vice-president of BCR.
Since the beginning of its operations in Romania the EBRD has committed over €4.5 billion across close to 270 projects, which attracted additional investment of over €8.3 billion.
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