A multi-project facility (MPF) of Euro 26 million with MVV Energie AG to establish, acquire or expand and operate energy service companies (ESCOs) in the EBRD’s countries of operations.
The project aims to support MVV Energie AG’s ESCO investment programme. Each ESCO will provide energy services through:
direct Energy Performance Contracts; and
the establishment of "City ESCOs", which will operate, expand, rehabilitate and maintain local district heating systems under Energy Performance Contracts.
The project will promote and facilitate the private provision and financing of energy performance services in central and eastern Europe. It will also establish a replicable model for the rapid implementation of energy-saving projects, which addresses the urgent need for energy efficiency throughout the region.
MVV Energie AG was founded on 1 October 1998 as a result of the restructuring of the MVV Group, one of the 10 largest German municipal utilities. In view of the German energy market liberalisation, MVV Group decided to bundle its energy, water and waste-management divisions in MVV Energie AG and thus prepare for an initial public offering, which is expected to take place in spring 1999. In 1997, the former MVV divisions that now form MVV Energie AG posted a net income of DM 56 million (Euro 28.7 million) on sales of DM 1,068 million (Euro 548 million).
Multi-project financing in the form of an equity and debt facility of up to Euro 26 million for investments in energy service companies (ESCOs).
Each ESCO will provide a complete energy service to enable its clients in the public and private sectors to realise energy savings. The basis for MVV ESCO’s service will be Energy Performance Contracting, whereby the ESCO, at its own expense, installs appropriate technology in its clients’ premises in order to reduce their energy consumption while at the same time providing a guaranteed level of service in terms of heating or other energy-related needs (operation, rehabilitation and maintenance of energy systems
The MPF's investment programme indicates a total investment requirement of Euro 74.5 million over the next four years.
The project has been classified C/0 and does not require an environmental analysis or an environmental audit. MVV Energie AG is required to conduct environmental due diligence on all ESCOs financed through this facility in a manner satisfactory to the Bank. An annual environmental report will be submitted to the EBRD on the project companies encompassed by the facility.
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