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EBRD, Dalkia to boost energy efficiency in Poland
New equity of €7 million in Dalkia Termika
The European Bank for Reconstruction and Development and Dalkia International are putting more money into upgrading energy installations in Poland and making them more efficient. The EBRD is investing €7 million of new equity in Dalkia Termika, the Polish subsidiary of France-based Dalkia International. In line with its majority shareholding, Dalkia International is also making a further equity investment in the company.
The investment builds on the €2.63 million that the EBRD has invested in Dalkia Termika since 1997 as part of efforts to jointly develop the market for energy services in central and eastern Europe with Dalkia International. The Bank remains a 35 per cent shareholder in Dalkia Termika, while the sponsor owns 65 per cent. The additional capital will help develop the company's energy service activities, which include the operation and management of heating, cooling and other energy provision in residential, public and office buildings.
In 2001 Dalkia Termika won the privatisation of PEC Poznan, the district heating company, with the EBRD providing one third of the finance. This operation allowed the company to become a leading energy supplier in Poland, with over 1,200 MW under management, and expand the scope of its activities.
Over the next two years Dalkia Termika plans to derive its growth from new services, management and operating contracts (hospitals, residential buildings, universities, other public buildings) and new concession-type contracts in the heating network segment. In 2002, the company's revenue is estimated at over €71 million.
The cooperation between the EBRD and Dalkia International started in 1996 with a $50 million agreement on a multi-project facility providing finance to support Dalkia's investment programme in central and eastern Europe. After the facility was fully utilised, an extension of €100 million over four years was signed in October 2001.
Dalkia International is the energy services arm of the French company Vivendi Enivronnement and has created energy service companies across central and eastern Europe that operate district heating networks for municipalities, introduce efficiency measures and, in turn, reduce energy consumption.
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