EBRD Finances Energy Efficiency and Renewable Energy Projects in Moldova
20 July 2012: The European Bank for Reconstruction and Development (EBRD) announced that it is providing a US$5 million loan to ProCredit Bank Moldova to finance energy efficiency and small renewable energy investments, to be undertaken by small and medium-sized enterprises (SMEs), agribusiness and commercial services.
The loan will allow ProCredit Bank Moldova to finance replacement of boilers, electrical motors, transformers and lighting, as well as onsite energy generation facilities. This loan is part of the EBRD's second Moldovan Sustainable Energy Financing Facility (MoSEFF II) of €22 million, following the implementation of MOSEFF I project, amounting to €20 million.
A EU grant €6.8 million is supporting MoSEFF II, to be used for technical assistance and investment incentives to sub-borrowers. Henry Russell, EBRD Director for Financial Institutions in Western Balkans, Moldova and Belarus, noted that the loan is supporting EBRD's strong commitment to the environment and sustainability in Moldova, by introducing sustainable energy efficiency solutions. [EBRD Press Release]