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VIPA Energy Efficiency Loan II



Project number:


Business sector:

Municipal and environmental infrastructure

Notice type:


Environmental category:


Approval date:

16 Dec 2020



PSD disclosed:

13 May 2020

Project Description

Provision of a loan of up to EUR 67.5 million to the iInvesticiji ir verslo garantijos" ("INVEGA or the "Borrower", formerly VIPA), an agency of the Ministry of Finance of Lithuania, to finance demand side energy efficiency investments in residential apartment buildings (the "Project"). The project will help conserve energy, reduce carbon emissions and encourage the use of energy performance practices to generate energy efficiency gains at residential apartment buildings.

Project Objectives

The project supports an innovative approach to accelerate the pace of renovation of existing buildings through a combination of long term debt financing, incentives, technical assistance and support for low income households.

Transition Impact

ETI score: 60

Green: The project promotes the green transition quality through heat and electricity savings as a result of comprehensive residential buildings refurbishment. The proposed project is expected to improve the energy performance of old residential buildings by a minimum of 40 per cent compared to the baseline and comply with "Class C" energy performance as per local and EU regulations. The project also supports SMEs involved in buildings renovations, which are severely affected by the Covid-19 pandemic by offering revenue generating opportunities. 


Client Information


INVEGA is a national promotial institution set up by the Ministry of Finance of Lithuania in 2012. Among other energy efficiency programmes, INVEGA manages grant and long-term debt financing, which are on-lent to apartment buildings' management associations to finance energy efficiency renovation works. 

EBRD Finance Summary

EUR 67,500,000.00

EUR 67,500,000

Total Project Cost

EUR 67,500,000.00

EUR 67,500,000


The EBRD offers financing that is not available in the market from commercial sources on reasonable terms and conditions. Such financing is necessary to structure the project. Also, the EBRD offers a tenor above the market average and necessary to structure the project, and a large volume instrument that fills a market funding gap and is required to structure the project. The EBRD's involvement in the second consecutive project with INVEGA (formely VIPA) is additional as it builds on the experience and achievements of the previous project. 

Environmental and Social Summary

Categorised B (ESP 2019). The Environmental and Social impacts associated with the implementation of energy efficiency measures and renovation of apartment buildings are site specific and can be readily identified and mitigated. INVEGA is an existing Borrower of the Bank, which acts as a financial intermediary that on-lends funds to apartment building management companies to finance EE measures and renovation of apartment buildings. A thorough Environmental and Social Due Diligence ("ESDD") was undertaken in 2017 by external consultants in relation to the previous loan and an Environmental and Social Action Plan (ESAP) was agreed. The Borrower has been reporting satisfactorily on its E&S performance and the ESAP implementation. The ESDD has been updated in 2020 in accordance with ESD COVID-19 approach and confirmed the Borrower's overall compliance with EU and EBRD requirements


The ESDD confirmed that adequate environmental and social management capacities and procedures as well as appropriate mitigation measures are in place to address specific environmental and social issues associated with the project, such as construction related noise, dust, vibration, waste management and health and safety. The Borrower, as well as the construction contractors have human resources, policies and procedures in line with.


A multi-level organisational structure has been set up for the implementation of the Project, with an adequate Environmental and Social Management System ("ESMS") in place to manage impacts at the portfolio level and maintained through national legislation related to the implementation of the Project. Compliance of subcontracted building contractors with EBRD's Performance Requirements is ensured through mandatory technical regulations and terms defined in the contractual agreements, and it has been added in the ESAP.


Construction contractors' compliance with international good practices with regards to occupational health and safety, waste management, resources use, noise and dust pollution, and traffic safety are ensured through the technical specifications issued by MoE. There is no asbestos containing material reported during the ESDD. Potential CO2 savings from implementation of the Project are estimated to be around 4,523 tonnes per year.


Information on the impacts will be shared with the communities and residents, as well as on construction site. The Borrower will enforce the contractors to implement the ESMP including public grievance mechanism on each sub-project.

The ESAP was developed and agreed with the Borrower. It includes items related to enhancing the Borrower's environmental monitoring procedures and appointing a dedicated E&S officer to oversee and ensure the portfolio of projects' compliance with EBRD's Performance Requirements. The Bank will monitor the Borrower's environmental and social performance and implementation of the ESAP through annual E&S reports.

Technical Cooperation and Grant Financing


Company Contact Information

null+370 5 210 7510
„Investicijų ir verslo garantijos“, Ltd Konstitucijos pr. 7, 09308 Vilnius Company code 110084026

PSD last updated

24 Aug 2023

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP 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 following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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