The proposed project will provide a second EBRD loan to UkrEsco, a state owned energy service company established with EBRD support in 1998. The loan will enable UkrEsco to continue its energy saving activities in Ukraine. This involves implementing energy saving projects with industrial clients throughout Ukraine. The bank's funding will be used by UkrEsco to finance energy saving investments within clients' premises which are repaid on the basis of future energy savings.
Transition impact will derive from both the expansion of UkrEsco's business and in supporting UkrEsco to achieve performance targets which will facilitate privatisation. The expansion of business will enable more private sector industrial companies to save energy on a sustainable basis using off-balance sheet financing and with state of the art technologies they do not themselves have the resources to implement. By supporting UkrEsco to meet prescribed commercial performance targets the Bank will be facilitating a successful privatisation as soon as possible.
The beneficiary is UkrEsco, a state owned joint stock company.
US$ 20 million sovereign loan, to be on-lent to UkrEsco.
US$ 20 million
UkrEsco will be required to ensure clients comply with EBRD environmental procedures and that its investments are in compliance with applicable Ukrainian environmental, health and safety legislation and submit an Annual Environmental Report to the EBRD.
None for this project. The previous loan was supported by EU-Tacis.
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