The European Bank for Reconstruction and Development (EBRD) has granted a EUR 10 million corporate loan to EnergoBit ESCO, a subsidiary of EnergoBit Group SA, which will be used to finance energy efficiency projects mainly in the Romanian municipal sector, the bank has announced. The company will add EUR 2.5 million of its own funds to expand its energy efficiency activities.

The projects will range from conducting energy saving studies and engineering assessments to installing energy efficient public lighting, introducing combined heat and power generation as well as implementing small scale co-generation projects for industrial clients.

“There is a growing demand for ESCO services in Romania. With this loan to EnergoBit ESCO we are supporting Romania in its aim to achieve a 20 per cent energy saving target by 2020 and ESCOs clearly have an important role to play in achieving this objective,” said Claudia Pendred, EBRD Director for Romania. (ESCO is short for Energy Service Company)

Thisis part of the EBRD’s strategy aimed at helping Romania bring its energy efficiency in line with EU standards. Through the EBRD’s loan Romanian municipalities and private companies will have access to the resources and skills needed to benefit from energy saving initiatives, at a time when local funding remains scarce.

Cluj-based EnergoBit Group is one of the largest electrical engineering companies in Romania, which operates 17 companies with over 800 employees across the country.

Since the beginning of its operations in Romania, the EBRD has committed over EUR 5 billion to various sectors of the country’s economy, and last year 90 per cent of its investments went to the private sector.

editor@romania-insider.com

(photo source: EBRD)