EIB Finance Energy Efficiency in Bucharest

THE European Investment Bank (EIB) is providing €22.47 million to finance the second phase of an energy efficiency retrofit program in Bucharest, Romania.

The project is expected to result in around 50% savings in the energy consumption of the buildings concerned. The menu is the first tranche of a loan worth in total €136.5 million.

EIB President Werner Hoyer commented, “EIB funds will contribute to the implementation of the National Energy Efficiency Action Plan of Romania through the thermal rehabilitation of multi-storey buildings. At the same time, the EIB loan will help Romania to meet its commitments under the EU Directive on the energy performance of buildings. This will improve the environment in terms of reduced emissions and pollution, with positive implications for the living standards of the citizens of Bucharest.”

In total, 406 buildings will be refurbished, the work began in 2013 and will be completed by 2017. The programme is designed to achieve energy savings totalling some 190 GWh per year once fully implemented.

The estimated project cost is €182 million. In order to support this important energy-efficiency project in Bucharest, the EU Bank’s contribution has been raised to 75% of the project cost, in line with guidelines for investments aimed at reducing energy consumption and mitigating climate change. The Municipality’s own resources are expected to cover the remaining 25% of the cost.

Source: EIB

Monday 28th July 2014


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