10M Euro Energy Efficiency Boost for Romanian SMEs

ROMANIA’S small and medium sized businesses have been given a €10 million boost to invest in energy efficiency and renewable energy from the European Bank for Reconstruction and Development (EBRD).

The new financing arrangement for this loan is through Romania’s UniCredit Tiriac Bank S.A. for on-lending to small and medium-sized enterprises (SMEs), particularly for investment in industrial energy efficiency and small-scale renewable energy projects.

The loan is a key instrument for promoting energy efficiency and renewables, primarily as a means to reduce bills and boost the competitiveness of SMEs.

“There is substantial potential in Romania to achieve energy savings and the EBRD long-term loan helps reduce the number of barriers that the private sector still faces in obtaining financing for energy efficiency projects,” said Sylvia Gansser-Potts, EBRD Director for Financial Institutions, EU Banks.

“UniCredit Tiriac Bank’s commitment and track record in financing SMEs, combined with the EBRD’s proven experience in implementing energy efficiency programmes, provides a strong basis for success in this new partnership,” said Rasvan Radu, CEO of UniCredit Tiriac Bank.

The EBRD loan comes at a time when the Romanian private sector faces an even greater need for long-term financing, affected as it is by the eurozone crisis and the scarcity of funding. This arrangement is a direct response to the continuing impact of eurozone problems on the economies of emerging Europe, which includes total commitments to many countries of €30 billion over the period 2013-14.

Since the launch of the EBRD’s Sustainable Energy Initiative in 2006, the Bank has provided over €645 million for sustainable energy investments in Romania, with a total project value approaching €3.9 billion.

Picture of Bucharest by Mihai Petre (Own work) [CC-BY-SA-3.0-ro], via Wikimedia Commons

Tuesday 23rd July 2013

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Energy saving is the need of today's world, hope this new step help Romanian to over the difficulties they are facing. cheap business broadband

Commented By james rivera on Thursday 29th August 2013 08:02:07