EBRD lends EUR 10 million to EnergoBit ESCO

The EBRD has lent EUR 10 million to EnergoBit ESCO, a subsidiary of EnergoBit Group SA, to finance energy efficiency projects mainly in the Romanian municipal sector.

The projects will range from conducting energy saving studies and engineering assessments to installing energy efficient public lighting, introducing combined heat and power generation as well as implementing small scale co-generation projects for industrial clients.

This new investment is part of the EBRD’s strategy aimed at helping Romania bring its energy efficiency in line with EU standards. Through the EBRD’s loan Romanian municipalities and private companies will have access to the resources and skills needed to benefit from energy saving initiatives, at a time when local funding remains scarce.

“There is a growing demand for ESCO services in Romania. With this loan to EnergoBit ESCO we are supporting Romania in its aim to achieve a 20 per cent energy saving target by 2020 and ESCOs clearly have an important role to play in achieving this objective,” said Claudia Pendred, EBRD Director for Romania.

ESCOs are used world-wide to offer a broad range of services including design, financing and procurement for energy saving projects. Usually all the energy saving measures are provided at no cost to the company’s client, while the ESCO recovers its investments based on the energy and cost savings achieved.

Cluj-based EnergoBit Group is one of the largest electrical engineering companies in Romania, which operates 17 companies with over 800 employees across the country. It has played a major role in upgrading Romania’s energy infrastructure over the last 20 years. Recently EnergoBit has been involved in renewable energy projects with private investors and energy efficiency activities by working primarily with the Romanian municipal sector.