EBRD supports property development in Moldova

By Ina Coretchi

The EBRD is supporting the property sector in Moldova with a loan for the construction of a new office building in the capital Chisinau that places a high priority on energy efficiency and strict environmental standards.

The Bank is providing a €2.3 million loan to Iucan Comert, a local real-estate developer, to build a purpose-built office centre in Chisinau. The new complex will have seven floors and a total area of 6,350 square meters.

In the wake of the financial crisis, several property development projects in Chisinau were suspended. Through this investment, the EBRD will support the real-estate sector in Moldova and promote the benefits of energy efficiency.

With the EBRD’s assistance, the company will implement energy saving technologies in the construction of the new building, which will ensure lower operating costs and reduced bills to future tenants. The new office centre will be equipped with a digital control system, called Building Management System (BMS). It will provide full automation in monitoring building’s mechanical and electrical equipment.

Due to energy efficiency measures, such as advanced level of thermal protection, individual room thermostat control and ventilation heat recovery, the new development is expected to save 350 MWh per year in energy consumption, equivalent to 120 tons of CO2 annually.

The project will have a strong demonstration impact, increasing the awareness about the benefits of integrated measuring, monitoring and control of the use resources, accelerating the implementation of BMS in the property sector in Moldova.

“Reducing energy intensity of economies is one of the EBRD’s key priorities, and we are pleased to support Iucan Comert in its start-up initiative to build a modern office development using advanced energy saving techniques. In addition through this project the EBRD reinforces its commitment to support the private sector through direct investments”, said Terry McCallion, Director, Energy Efficiency of the EBRD.

The EBRD is the largest investor in Moldova. To date the Bank has committed over €340 million in various sectors of the country’s economy.

This is the EBRD’s second property project in Moldova, following the €22.4 million investment in 2008 for the construction of Mall Dova, the first shopping mall in the country and the EBRD’s largest private sector project in the country to date.