Translated version of this PSD: Russian
The Russian Sustainable Energy and Carbon Finance Facility (“RSECF”) was launched in 2009 as the first intermediated initiative of the Bank to support small-scale energy efficiency investments in Russia. The proposed Project is an Extension of RSECF by EUR 300 million, in view of the full utilisation of the original amount.
The Extension will be available to banks and leasing companies operating in the Russian Federation, in the form of credit lines and participation in credit instruments (such as bonds, etc). The Participating Financial Institutions (“PFIs”) will on-lend the Bank’s financing to private sector sub-borrowers for energy efficiency and renewable energy investments in industry (‘the industrial component’) and residential sector (‘the residential component’).
The Russian economy is the most energy and carbon intensive (per unit of GDP) of the world’s ten largest energy consuming countries. Industry is the country’s largest energy consumer, followed by the residential sector (29% and 26% of the national total energy consumption respectively).
The key purpose of RSECF is tackling the high energy intensity in Russia – where only limited private sector resources have been mobilised to address the challenge.
The Framework Extension targets the following sources of transition impact: demonstration of financial viability of energy efficiency projects, transfer of skills to participating financial institutions and private sector sub-borrowers (businesses and households), and contributing to the growth of the market for sustainable energy financing in Russia.
The RSECF Extension will be available to banks and leasing companies operating in the Russian Federation. Each project under this Extension will be considered separately.
Categorised FI All existing PFIs under the RSECF are in compliance with the Bank's environmental and social requirements under PRs 2 and 9. Sub-borrowers financed through this extension will be required to comply with national requirements for environment, health and safety and labour standards. This will be confirmed to the PFIs by the external consultant hired by the EBRD to cover this issue as part of the preparation of each project. Reporting on sub-projects and annual environmental and social reports will be provided by the PFIs.
The Extension will be supported by a comprehensive technical cooperation (TC) package to provide implementation support to participating financial institutions and sub-borrowers in both industrial and residential sectors by building capacity, transferring skills and originate and identify eligible investments
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