The European Bank for Reconstruction and Development (EBRD) has approved a new EUR 10 million credit line to Banca Comerciala Romana (BCR) for on-lending to private companies seeking to improve their energy efficiency. The loan is supplementing a similar EUR 20 million credit line approved by the EBRD to the bank in 2008. The funds will be used to finance energy efficiency investments undertaken by Romanian businesses with long-term loans worth up to EUR 2.5 million each.
“Reducing energy intensity is a high priority for the EBRD in Romania, which has a substantial potential for energy efficiency improvements. We will continue our cooperation with BCR by extending new financing for sustainable energy projects,” said Jean-Marc Peterschmitt, EBRD director for financial institutions.Those interested in sustainable energy investments will be eligible for an incentive payment from the EBRD of up to 15 per cent of the amount of their investment upon the completion of the works, subject to applicable conditions.
Up until now, BCR has financed 14 energy efficiency projects, which enabled its clients to reduce their energy bills and cut emissions by up to 60 percent per year.Since the beginning of its operations in Romania the EBRD has committed over EUR 4.5 billion to 270 projects, which attracted additional investment of about EUR 8.3 billion.