35M Euro to Improve Moldovan Energy Efficiency

THE European Bank for Reconstruction and Development (EBRD) is providing €35 million in credit lines to improve energy efficiency in Moldova.

EBRD’s Moldovan Residential Energy Efficiency Financing Facility (MoREEFF) is providing the funding to local partner banks, which will then on-lend to customers to finance the energy efficiency improvements in residential buildings.

MoREEFF has already benefitted thousands of homes and flats – from traditional houses in rural areas of Moldova to apartment buildings in the capital, Chișinău. Many of the latter are built from concrete panelled blocks, which were quickly put up during Soviet times in the 1960s and are not particularly energy efficiency.

Property developer Dumitru Rusu helped future-proof an old ex-communal block of flats in the city’s outskirts. He took energy efficiency measures and installed energy saving technology to improve the buildings.

“Other companies in Chișinău have started to use this reconstruction as an example for redeveloping buildings in the capital and elsewhere in the country,” he explained. “This will help us bring in nicer looking, more comfortable and more energy efficient flats and homes.”

Such changes and investments are much needed: Moldova is more than eight times more energy and carbon intensive than the EU average. The biggest culprit is the housing sector, which accounts for over 40 per cent of energy use.

“One of the main goals of MoREEFF is to demonstrate to homeowners the benefits of these energy efficiency investments and in partnership with the Moldovan banks support the development of a sustainable market for such activities,” said Kristina Zagar, Principal Banker in the EBRD’s Financial Institutions team.

“There are many benefits: the programme will help Moldovans cut their energy bills and protect the environment, while providing them with a warmer home,” added her colleague Shahir Zaki, who works in the Bank’s Energy Efficiency and Climate Change team.

The programme helps save 55 million KWh per year, which is equivalent to the domestic electricity use of a city the size of Balti, Moldova’s second largest, he added.

It will help prepare more Moldovans for the next cold season, while at the same time setting the country on a more sustainable path for the future.

Picture of Chisinau City Gate by Mirek237, reproduced under CCL.

Tuesday 1st July 2014

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