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EBRD supports energy efficiency investments in Ukraine
$20 million sovereign loan financing for UkrEsco
The EBRD is supporting energy efficiency investments in Ukraine with a $20
million sovereign loan which will be on-lent to the Ukrainian Energy Service
Company (UkrEsco) to finance energy efficiency projects designed and
implemented by the company.
Ukraine remains one of the most energy-intensive countries in the
industrialised world in terms of energy consumption per US-Dollars of GDP.
This places a substantial burden on the Ukrainian economy and environment.
UkrEsco, presently a majority state-owned closed joint stock company, was set
up in 1998 by a joint initiative between the EBRD, Ukraine and the EU. Since
its establishment, the company has successfully expanded into a full-service
provider, implementing projects across a wide spectrum of industries and
technologies. To-date, UkrEsco has implemented 19 energy saving projects
ranging from the installation of new co-generation systems to the
refurbishment of boiler houses and modernization of compressed air systems.
The $20 million loan will enable UkrEsco to continue investing in energy
saving projects in the private and public sector in Ukraine. The loan proceeds
will be used to finance the purchase and installation of equipment in projects
and the implementation of new technological solutions for clients.
Peter Reiniger, EBRD Business Group Director for Energy, said the loan
illustrates the importance the Bank places on financing energy efficiency
investments throughout its region. Helping companies and institutions improve
their energy consumption is a key priority for the EBRD, as these investments
have the potential to lower costs and enhance companies’ competitiveness,
while having a positive impact on the environment and on climate change.
Since the beginning of its operations in 1993 the EBRD’s cumulative
investments in Ukraine stand at €1.9 billion through more than 70 projects.
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