The EBRD is opening a limit under Ukraine Residential Energy Efficiency Financing Facility ('UREEFF') in favour of JSC OTP Bank Ukraine ('OTPU'). OTPU will lend up to UAH 520 million (€19 million equivalent) in sub-loans to private residential stakeholders, including individual homeowners, groups of homeowners, housing associations, condominiums and cooperatives.
Eligible sub-loans will consist of investments in high performing energy efficiency technologies and measures, which can be expected to achieve a minimum energy saving of 20 per cent when compared to market norms.
Incentive grant of up to €5.8 million provided by the Eastern European Energy Efficiency and Environmental Partnership (E5P) will support the Project through investment incentives for Sub-borrowers.
ETI score: 80
The Project is expected to generate transition impact by demonstrating benefits of household energy conservation and promoting the expansion of energy efficiency investments in the otherwise difficult residential sector. It will also support the expansion of the market for sustainable energy equipment and services, resulting in increased competition among the suppliers, installers and vendors.
UREEFF will ensure transfer of the necessary skills to OTPU and project stakeholders (i.e. local engineers, architects and designers) acquired through sub-project implementation as well as through dedicated trainings.
OTP BANK PJSC
A 100 per cent subsidiary of OTP Bank Plc., Hungary. OTPU is a universal commercial bank with a country-wide presence, specialising in servicing middle-sized corporates and consumer finance. OTPU was the 9th largest bank in Ukraine with 3 per cent share of total banking assets as of the end of 2019. OTP Bank Plc. is a leading Hungarian financial group with around 20 per cent market share in total assets.
EBRD Finance Summary
Total Project Cost
UAH 520 million (€ 19 million equivalent)
Environmental and Social Summary
Categorised FI (2014). OTPU is an existing client and is satisfactorily implementing the Bank's E&S requirements. OTPU will be required to continue to comply with PRs 2, 4 and 9, ensure sub-loans comply with the eligibility criteria for residential energy efficiency and submit Annual Environmental and Social Reports to the Bank.
Technical Cooperation and Grant Financing
UREEFF will be supported by a comprehensive technical assistance programme to provide implementation support to participating financial institutions and sub-borrowers. € 4.5 million funding for the TC programme are secured from SIDA-EBRD Ukraine Energy Efficiency and Environment Consultant Cooperation Fund (SWUK) and E5P (Eastern European Energy Efficiency and Environmental Partnership).
Company Contact Information
Mr. Volodymyr Mudryi
+380 44 490 0500
PSD last updated
11 Mar 2020
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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