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EBRD to assign €9 million to Kremenchuk’s energy efficiency program

Source : 112 Ukraine

The funds will finance improvements in energy efficiency
13:05, 29 December 2017

EBRD

The European Bank for Reconstruction and Development (EBRD) will give €9 mln to Kremenchuk, a city in Poltavska region with 220,000 residents, as part of its Public Sector Energy Efficiency Financing Framework (PSEEF). The Bank reported this on its official website

Related: EBRD intends to increase investment in Ukrainian projects to 1 billion euros in 2017

Such a decision was approved by the Bank on 13 December 2017, EBRD’s official website reports. The Framework consists of €100 million of EBRD’s financing and €15 million of the concessional co-financing from the Clean Technology Fund (CTF). The Bank is providing a package of €9 million, which will consist of a long-term loan up to €6 million, a €1.5 million concessional loan from the CTF and a €1.5 million grant from the EBRD Shareholder Special Fund (SSF). It will be handed to the city’s communal enterprise “Kremenchuzka Munizipalna Energonosivna Kompaniya” and will help to achieve annual energy savings of 19.5 GWh (or €1.3 million) in 66 buildings across Kremenchuk.

Related: EBRD to allocate €8 million for trolleybus park renovation in Kremenchuk

Over half of the city’s public buildings like kindergartens, hospitals and schools are subject to significant improvements in energy efficiency as a result of this project. Today, Kremenchuk has more than 120 public buildings, which consume twice as much energy compared to similar buildings in Central European countries. Most of these buildings need thermal insulations, modernization of the energy distribution system, installation of individual heating substations, window replacement and other measures.

Related: Ukraine urges EBRD to boost cooperation with local authorities

Sevki Acuner, EBRD Director for Ukraine, said: “Total investment needs of public buildings across the country are estimated to be up to €5 billion. They can potentially offer substantial energy cost savings of up to 60%. The first project of the kind in Kremenchuk represents the potential benefits to the city and the country. Reasonable energy efficiency measures may extend the life span of public buildings by 30-50 years and improve the inhabitants’ well-being. The project will also act as a multiplier for the construction industry and facilitate employment in the region.”

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