The proposed project is considering financing an energy efficiency project of up to USD 4.2 million for the renovation of AccessBank Azerbaijan’s (ABAZ) headquarters applying advanced energy efficiency principles.
The project’s transition impact will derive from the demonstration effect as ABAZ will prove its commitment to sustainable energy development. It will also show the bank’s employees and customers the tangible benefits of energy efficiency improvements in the residential and commercial sector.
The Bank will continue supporting a number of sustainable energy investments in Azerbaijan in order to demonstrate the benefits of advanced energy efficient technologies and enable them to be presented as a basis for policy dialogue discussions with the relevant stakeholders and Government. The EBRD is aiming at launching in the coming year a new regional Sustainable Energy Financing Facility which will include a policy dialogue component. This will aim at supporting policy reforms to create an enabling environment for the enhanced use of energy efficient technologies in the building and industrial sectors.
In addition the project will help set standards of corporate governance and business conduct in the country. The headquarters of ABAZ will take the opportunity to obtain an international sustainability certification as the first ever internationally certified building in Azerbaijan.
Even the lowest “Certified” rating guarantees an advanced level of sustainability above the common international practice.
The Project will use some advanced sustainable energy technologies, compliant with the best international practices. Measures to be incorporated in the technical design include low-emissive glazing, automation of mechanical and electrical services, high efficiency chillers with variable refrigerant flow, high efficiency T5 lighting, etc. Most of these techniques have very low market penetration rates.
The investment will also help transfer skills in implementing energy efficient technologies in the building sector: In order to multiply the impact of the use of best available technology in the project, the Bank will also assist AccessBank to institute a corporate policy on sustainability. This will include provisions for energy and water efficiency, environmental protection and energy and facility management at the development, operation and refurbishment stages of all AccessBank’s premises. This policywill also include provisions for design, procurement and engineering at all ABAZ’s premises, both owned and rented. The development and implementation of a corporate policy on sustainability by AccessBank’s facility management team and contractors will build substantial local capacities in addition to a strong demonstration case.
AccessBank Azerbaijan is the leading provider of financial services to MSMEs in Azerbaijan, the second most profitable private Azeri bank and the sixth largest by total loan portfolio as of September 2012.
$4.2 million loan to AccessBank Azerbaijan to finance energy efficiency improvements as a part of the renovation of the bank’s new headquarters building.
The Client is environmentally conscious and is focussed on sustainability as a business concept for the future of the residential and commercial building sector in Azerbaijan. There is a clear intention to become a “green” champion and apply the best available techniques on building sustainability and promote it to its Employees and Clients.
Since the start of its operations in 2002, AccessBank has received approximately €4.5 million in technical assistance under various assignments funded by the EBRD (EU), KfW and the IFC Special Fund for regional expansion.
The EBRD has provided technical assistance to AccessBank within the Regional Energy Efficiency Programme for the Corporate Sector in Armenia, Azerbaijan, Georgia, Moldova and Ukraine funded by EU-NIF (EUR 32,116). This regional energy efficiency programme supports technical assistance in energy efficiency among corporate clients. The aim of the technical assistance was to review the sustainable energy investments embedded within the refurbishment of the new AccessBank HQ building and to identify design improvements as well as new potential energy efficiency investments.
As part of Caucasus Energy Efficiency Programme it is planned to launch technical assistance to enter into policy dialogue with state and other relevant organizations in Azerbaijan in order to enhance the sustainability and long term effect of this and support further potential energy efficiency projects in the country. Technical assistance would be discussed separately as part of framework discussions.
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