EBRD lends EUR 10 million to OTP to finance sustainable energy projects

Newsroom 24/12/2010 | 07:55

EBRD is lending EUR10 million to OTP Bank Romania to finance sustainable energy projects undertaken by local businesses.

Extended under the EU/EBRD Energy Efficiency Financing Facility framework, the credit line will be used to finance energy efficiency investments by Romanian companies with long-term loans worth up to EUR 2.5 million each. The project will enable the private industrial sector to maximize energy savings and to improve its overall competitiveness.

The EBRD finance will be complemented by grant funding from the European Union to support a technical assistance programme and targeted incentive payments for sub-borrowers to promote sustainable energy investments.

Since the beginning of its operations in Romania, the EBRD has committed over EUR 4.8 billion in various sectors of the country’s economy, which attracted additional investment of EUR 9 billion.