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EBRD recognises best sustainable energy projects in Moldova

By Sergiy Grytsenko

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Seven best sustainable energy projects under the Moldovan Sustainable Energy Financing Facility (MoSEFF) were honoured during the “EU-EBRD Sustainable Excellence Awards 2012” ceremony, held at the Leogrand Hotel in Chisinau on 15th February 2012.

The award ceremony was attended by representatives of the Moldovan government, local authorities, international institutions, diplomatic community as well as EBRD partner banks and local companies. The event was opened by Mrs Julia Otto, Head of the EBRD’s Chisinau office. Speakers at the ceremony included Mr Ilarion Popa, Deputy Minister of Economy, Mr Wolfgang Behrendt, Delegation of the EU to Moldova, Mr Ian Smith, Manager of the EBRD’s Sustainable Energy Financing Facility team, Mr Henry Russell, Director, Financial Institutions at the EBRD, Tino Mahler, MoSEFF Project Manager, Fichtner GmbH & Co KG.

Launched in 2010 by the EBRD, MoSEFF is a €20 million special credit programme designed to finance energy efficiency and renewable energy projects in corporate sector in Moldova through local partner banks – Moldova-Agroindbank, Moldindconbank and BCR Chisinau.

In addition, MoSEFF is supported by a technical cooperation programme and an attractive grant component, both funded by European Union. Technical assistance is provided by consultants Fichtner and Allplan.

So far, 37 projects in a wide range of industries from agriculture and food-processing to manufacturing and have been supported by MoSEFF, benefiting from a total of €9.26 million in loans. Another 25 projects are about to be financed.

MoSEFF-funded investments represent combined energy savings of 61,700 MWh of primary energy per year, and a collective carbon emissions reduction of about 24,178 tonnes annually.  These savings are equivalent to the annual energy consumption of 27,400 Moldovan citizens and the carbon emission savings are equal to the annual emissions of over 17,000 passenger cars.  For the investing companies, the benefits are much more tangible, as they have reduced their energy costs and subsequently increased their profitability and improved their competitiveness.

MoSEFF is part of EBRD’s Sustainable Energy Financing Facilities (SEFFs) that the Bank has already successfully established in 15 countries of its operation, ranging from Poland to Kazakhstan. Over €1.8 billion were funded through EBRD SEFF programmes to date.

“With this award, the EBRD emphasises not only its continuing support to Moldova’s energy efficiency efforts but also to the country’s banking sector. The commitment of the participating financial institutions and their close interaction with the MoSEFF implementation team is the key success factor in deploying the Framework efficiently,” said Henry Russell, Director for Western Balkans, Croatia, Moldova and Belarus, Financial Institutions at EBRD.

“Funding energy efficiency and renewable energy projects is at the core of the EBRD’s strategy in Moldova. We are dedicated to contribute to the joint efforts of Moldovan Government and Donors community to reduce the country’s energy intensity. We will continue to provide funding both directly and through our partner banks to support companies realising projects in energy efficiency and renewable energy areas. The EBRD strives to increase awareness of the benefits of the sustainable energy investments through the financing, technical assistance and policy dialogue.” said Julia Otto, Head of Office of the EBRD in Moldova.

Since the beginning of its operations in Moldova, the EBRD has committed over €1 billion through 85 projects in various sectors of the economy. In 2011 EBRD signed eight projects with a total value of €69 million. A dedicated team of 12 employees is working in the Chisinau office, comprising Bankers and Small Business Support Team professionals.

The winners of the EU-EBRD Sustainable Energy Excellence Award 2012 are:

1. Award for Industrial Energy Efficiency

Winner: MACON SA, Chisinau

The company used a MoSEFF loan from MAIB to invest €48,000 the implementation of frequency converters for its fan drives and a power factor correction unit for reactive power compensation.  The investment produces a 26 per cent energy saving and 208 tonnes Carbon Emission Reduction per year.

2. Award for Energy Efficiency in the Food Sector

Winner: ORHEI-VIT SA, Orhei.

The company saves 24 per cent natural gas consumption per year with the installation of new steam boilers, financed through a €520,000 MoSEFF loan from MAIB.

3. Award for Agricultural Energy Efficiency

Winner: MAGT VEST SRL, Dondusheni.

The company used a €2.3 million MoSEFF loan from BCR to replace its outdated sugar beet harvesters and loaders.  With this investment the company achieves a reduction in annual fuel consumption of almost 42 per cent and at the same time significantly reduces its harvesting losses.

4. Award for Energy Efficiency in Small Enterprises

Winner: COLOTEIA SRL, Chisinau.

The company used a €135,000 MoSEFF loan from MICB to invest in a new meat grinder, vacuum bowl cutter and sausage filling machine, an investment that allows the company to save 38 per cent of electricity per year in the production process.

5. Award for Best BuildingRehabilitation

Winner: Restaurant BUTOIAS SA, Chisinau.

The restaurant saves 51 per cent energy yearly by insulating its building, installing new windows, solar collectors and heat pumps, financed by a MoSEFF loan of €200,000 from MICB. The project is a good example for smart combination of renewable heating sources.

6. Award for Best Solar Project


The hotel installed one of the largest solar systems in Moldova and at the same time improved the building insulation and the heat distribution system with a €280,000 MoSEFF loan.  The project allows the company to save 80 per cent of final energy every year.

7. Award for Best Biomass Energy Project

Winner: AGROMAXER SRL, Straseni.

The company operates greenhouses and has signed a €250,000 MoSEFF loan with MICB to construct a new boiler house, install new pellet boilers and a new near-soil heating system. The project enabled the company to reduce its carbon emissions by 100 per cent and achieve an annual primary energy saving of 91 per cent.

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