EIB to lend Romania over €20m for efficiency upgrades

The European Investment Bank (EIB) will provide Romania with €21.1m (£19m) in order to upgrade the energy efficiency of 400 homes in Bucharest.

The money, which is the first tranche of an approved EIB loan of €63.6m, will be used to finance the third phase of the Bucharest Sector 2 energy efficiency investment programme, in addition to the 452 buildings under the first two phases.

The improved thermal insulation of buildings will lead to 50 per cent savings in the heating energy consumption of the houses concerned. EIB funds will finance up to 75 per cent of the costs of this significant energy saving project, helping to implement both the Romanian Government’s National Energy Efficiency Action Plan and the EU Resource Efficiency Initiative.

The EIB has provided €613m to date for energy efficiency refurbishments of multi-apartment buildings in different sectors of Bucharest, with the improved thermal insulation of buildings expected to lead to 50 per cent savings in the heating energy consumption of the houses concerned.

EIB funds will finance up to 75 per cent of the costs of this significant energy saving project, helping to implement both the Romanian Government’s National Energy Efficiency Action Plan and the EU Resource Efficiency Initiative.

EIB Vice-President Andrew McDowell believes that the resulting decrease of energy consumption and a reduction in emissions and pollution will contribute to raising the living standards of Bucharest’s citizens.

“This climate action focused programme will further support Romania in meeting its international commitments regarding greenhouse emission reductions and energy savings,” he said.

The Mayor of Bucharest’s Sector 2 Mihai Mugur Toader stated: “The loan signed today will enable us to continue with the largest thermal rehabilitation programme in Romania, which involves almost 1,800 blocks that are in various stages of execution, most of them being completed.

“It builds upon the fruitful seven-year cooperation between Sector 2 of Bucharest and the EU bank, in the course of which we have also benefited from EIB technical assistance. This cooperation has helped us to prepare and successfully implement joint projects leading to the improvement of living conditions for our citizens, valuable energy savings and a better environment in the Romanian capital.”

The EIB’s funding has enabled the rehabilitation 2,405 residential buildings with 143,300 apartments; the construction of educational facilities, including NZEB (Near-Zero Energy Buildings); and energy efficiency upgrades for afterschool facilities resulting in lower energy consumption and reduced emissions.

The total energy savings achieved or envisaged as a result of the energy efficiency measures amount to 983,000 GWh per year, corresponding to a 416,000 tonnes of CO2 reduction.

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