UREEFF - Raiffeisen Bank Aval



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

25 Jan 2017



PSD disclosed:

03 Aug 2015

Translated version of this PSD: Ukrainian

Project Description

The EBRD is considering an operation under Ukraine Residential Energy Efficiency Financing Facility (the “Facility”, “Framework” or “UREEFF”) in favour of PJSC  Raiffeisen Bank Aval Ukraine (the “bank”, “RBA”).

RBA will lend up to UAH 250 million (€10 million equivalent) in sub-loans to private residential stakeholders, including individual homeowners, groups of homeowners, housing associations, condominiums and cooperatives (together Sub-Borrowers). Eligible sub-loans will consist of investments in high performing energy efficiency technologies and measures, which can be expected to achieve a minimum energy saving of 20 per cent when compared to market norms.

Incentive grant of up to €2 million provided by the Eastern European Energy Efficiency and Environmental Partnership (E5P) will support the Project through investment incentives for Sub-borrowers.

Transition Impact

The Project is expected to generate transition impact by demonstrating benefits of household energy conservation and promoting the expansion of energy efficiency investments in the otherwise difficult residential sector. It will also support the expansion of the market for sustainable energy equipment and services, resulting in increased competition among the suppliers/installers/vendors.

UREEFF will ensure transfer of the necessary skills to RBA and project stakeholders (i.e. local engineers/architects/designers) acquired through sub-project implementation as well as through dedicated trainings.

The Client

JSC Raiffeisen Bank Aval is an approximately 96 per cent-owned subsidiary of Raiffeisen Bank International AG in Ukraine. RBA, which has around 670 branches across the country, provides services to almost 3 million clients, including individuals, corporates and SMEs. Raiffeisen Bank International AG (RBI) is a fully-consolidated subsidiary of Raiffeisen Zentralbank Österreich Aktiengesellschaft, which owns (indirectly) about 60.7 per cent of RBI’s common stock. RBI’s shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the largest banking group in Austria.

EBRD Finance


Project Cost

UAH 250 million (€10 million equivalent).

Environmental and social categorisation, impact, and mitigation

Categorised FI (2014). Raiffeisen Bank Aval is an existing client and is satisfactorily implementing the Bank's E&S requirements. RBA will be required to comply with PRs 2, 4 and 9, ensure sub-loans comply with the eligibility criteria for residential energy efficiency and submit Annual Environmental and Social Reports to the Bank.

Technical Cooperation

UREEFF will be supported by a comprehensive technical assistance programme to provide implementation support to participating financial institutions and sub-borrowers. € 4.5 million funding for the TC programme are secured from SIDA-EBRD Ukraine Energy Efficiency and Environment Consultant Cooperation Fund (SWUK) and E5P (Eastern European Energy Efficiency and Environmental Partnership).

Company Contact


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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