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EBRD recognises best sustainable energy projects in Romania

€58 million used within the EU-EBRD Energy Efficiency lending framework for the SME sector

Author(s):Sergiy Grytsenko
Date:12 December 2011

The EBRD is continuing to support Romania’s energy security strategy by boosting funding to the real economy to increase energy savings and reduce carbon emissions.

The Bank selected the 10 best projects financed under a joint EU-EBRD programme called the Energy Efficiency Finance Facility (EEFF). These energy efficiency investments in Romania’s private sector cover a wide range of industries from agriculture and food-processing to steel manufacturing and paper printing.

The EEFF, launched in January 2008 and designed to address Romania’s energy intensity, was actively supported by the EBRD partner banks BCR, BRD, Banca Transilvania, CEC Bank, OTP Bank and Raiffeisen Bank. So far, 80 investments totalling €58 million have been financed under the EEFF.

Collectively, EEFF funded investments represent combined energy savings of 880 GWh per year, which is more than half of the annual household energy consumption of Bucharest – a city of 1.4 million households. Annual CO2 savings resulting from implementation of these investments stand at around 300,000 tons per year – the equivalent of the annual emissions from 200,000 passenger cars.

“We are delighted to recognise the commitment of Romanian companies to undertaking energy efficiency improvements. The EBRD has been supporting this drive among Romanian businesses, helping them to reduce their energy consumption and at the same time to cut costs,” said Claudia Pendred, EBRD Director for Romania.

Building on the successful implementation of the EEFF, the EBRD in cooperation with the European Commission have developed a new €60 million financing facility - the Romanian SME Sustainable Energy Financing Facility (RoSEFF). RoSeff is specifically targeted at small and medium-sized enterprises (SMEs) for the period 2012-2014.

Launched in September this year, RoSEFF will help local companies maximise energy savings and improve their overall competitiveness, while contributing to a reduction in the country’s high energy intensity.

The new facility will feature loans extended via participating financial institutions to invest in energy efficiency and small-scale renewable energy projects.

These loans will be complemented by a comprehensive EU-funded technical assistance programme and EU incentive grants for end borrowers of up to 15 per cent of the total loan amounts. The size of the grant will depend on the technology used and the energy savings achieved as a result of the project.

The first €20 million loan under RoSEFF has been signed with the EBRD partner bank BCR, and it is envisaged that other Romanian financial institutions will be also joining the programme.

The EEFF and RoSEFF are two examples of several successful Sustainable Energy Financing Facilities (SEFFs) that the EBRD has already established in 15 countries, ranging from Poland to Kazakhstan.

The Facilities are part of the Bank’s Sustainable Energy Initiative (SEI), which aims at mitigating the challenges of the climate change and improving energy efficiency and security throughout the EBRD region. Since the initiative’s launch in 2006, the Bank has provided over €468 million for energy efficiency investments in Romania, with a total project value of close to €1.8 billion.

Since the beginning of its operations in Romania, the EBRD has committed almost €5.5 billion in various sectors of the country’s economy and mobilised additional investments in excess of €8.5 billion from other sources.

The winners of the EU-EBRD Sustainable Energy Excellence Awards 2011 are:

1. Award Energy Efficiency in Agriculture and Forestry

Winner: SC AVICOLA GAESTI SA, Gaesti, Dambovita.

The company used an EEFF loan of around €1.1 million from CEC Bank to replace its feeding, ventilation, cooling and air inlets systems, upgrade the lighting system and install new egg collection and control systems, lowering energy consumption per egg by 63 per cent.

2. Award Energy Efficiency in the Food and Drinks Sector

Winner: SC MAREX SA, Braila.

The company will install a cogeneration system using a €2.25 million EEFF loan from OTP Bank.

3. Award Energy Efficiency in Paper, Printing and Packaging

Winner: SC FLEXO GRAPHIC SRL, Filipestii de Padure, Prahova.

The company used an EEFF loan of € 1.9 million from BRD to modernise a printing line.

4. Award for Energy Efficiency in the Metalworking Sector

Winner: SC MECANICA SIGHETU SA, Sighetu Marmatiei, Maramures.

The company used a €1.7 million EEFF loan from Banca Transilvania to replace a screw manufacturing machine, to convert a furnace and a zinc coating preheating line from electricity to natural gas and to replace a tool checking device, a hydraulic press and a fastener washing machine.

5. Award for Energy Efficiency using Smart Technologies

Winner: SC COMALAT SRL, Nanov, Alexandria.

The company used an EEFF loan of €257,900 from BCR for a biogas power plant, an absorption chiller and a heat recovery unit.

6. Award for Energy Efficiency through Automation and CNC

Winner: SC CONF BINALE IMPEX SRL, Focsani, Vrancea.

The company used an EEFF loan of €123,000 from BCR to replace a profiling machine and a perforating machine with a new CNC compact machining centre which can carry out both operations.

7. Award for Energy Efficiency in Buildings

Winner: SC OLANESTI RIVIERA SA, Olanesti, Valcea.

The company has signed a €663,000 EEFF loan with CEC Bank to insulate the building envelope, a solar–assisted hot water system for both the hotel and a related mineral water treatment centre, and to improve the efficiency of two boilers by replacing the burners and switching from light fuel oil to natural gas.

8. EEFF Award for Energy-efficient Investment by a Female CEO

Winner: SC PORT BAZINUL NOU SA, Galati. The company replaced two electric 'floating cranes' (anchored cranes) with a modern, diesel-powered 'Sennebogen Manipulator' - increasing operational flexibility and bringing 73% energy savings.

The investment was financed using an EEFF loan of €309,000 from Raiffeisen Bank.

9. EEFF Award for Commitment to Financing Sustainable Energy

Winner - All six participating banks were recognised in this category - BCR, BRD, Banca Transilvania, CEC Bank, OTP Bank and Raiffeisen Bank.

10. EEFF Award for Sustainable Energy 

Winner - ROTEC, Buzau - a manufacturer of technological equipment such as lathes, milling and boring machines, lifting equipment and pressure vessels.

The company used a €413,000 EEFF credit from BCR to replace a forging line consisting of a heating furnace, a forge manipulator and an electro-hydraulic hammer. The investment brought specific energy savings of 76 per cent.

EEFF website and email, EEFF helpline 031 224 8104

RoSEFF website and helpline 031 224 8104


Last updated 12 December 2011

Sergiy Grytsenko
London - Tel: +44 20 7338 7329

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