Slovenian street lighting and energy services company Javna razsvetljava d.d. (JRL) has received an approval from the major creditor for its projects in the nine cities across the country. The European Bank for Reconstruction and Development (EBRD) reported that Javna razsvetljava’s projects have passed concept review.
The EBRD has been looking into plans of the leading street lighting company in this European Union country to invest in the energy efficient projects, which could defer return of investments and profits. The bank has decided to support JRL in restructuring of its balance sheet, providing a loan worth EUR 5.5 million. The proceedings from the EBRD’s loan would be used to refinance other short-term loans related to the works in nine cities in Slovenia.
This will enable the company to undertake new projects and expand the market for street lighting with municipalities through new energy performance contracts, according to the EBRD’s project summary.
The transaction is linked to the Framework for Street Lighting in Central and South East Europe aimed at promoting markets for private companies, which then can find new contracts based on green investments and green solutions. The loan is currently pending structure review, and target board date is set at January 25, 2017.
JRL is responsible for the maintenance of traffic light systems throughout Slovenia, and public lighting in capital and several other cities. The Ljubljana-based company, wholly owned by Enlux d.d., also provides lighting in the majority of tunnels in the Alpine country, and has done some business in the neighbouring Croatia. It uses modern technologies, such as LED lights and other solutions that have helped save over EUR 3 million in electricity bills, nearly 30 millions of kilowatt-hours (KWh), and reduced carbon-dioxide emissions by 3 million tonnes in the last three years, according to the company.