Energy Efficiency

New round of EIB loans for improving energy efficiency in Bucharest

Photo: Pixabay

Published

December 22, 2016

Country

Comments

0

Share

Published:

December 22, 2016

Country:

Comments:

0

Share

Two projects for refurbishing the multi-family residential buildings in the Romanian capital of Bucharest received financial boost from the European Investment Bank.

The European Investment Bank (EIB) said it  is lending EUR 15.3 million to finance the second phase of the thermal rehabilitation programme covering multi-family housing in the Bucharest’s Sector 6 municipality. This is the first tranche of an approved EIB loan for a total amount of EUR 40 million. The project will focus on thermal energy efficiency improvements of the building envelope (wall insulation, windows, roofs and cellar insulation) as well as optimisation of the heating systems with the aim to save around 50% of energy.

The total cost of the project is expected to reach EUR 54.5 million, says EIB’s statement . “In order to support this important energy efficiency project in Bucharest, the Bank’s contribution has been raised to 75% of the project’s cost,” it is said. The Sector 6 municipality will finance the remaining 25% of the project value.

The EIB also said it is lending another EUR 22 million, out of estimated cost of EUR 29.5 million, to finance the second phase of the similar programme for the refurbishment of multi-family housing in the municipality of Sector 2. This project started back in 2012 aims to refurbish 95 buildings by 2018. EIB secures 75% of the project’s financing,  the bank says in the statement released today.

“The EIB funds will help reduce the energy consumption of the buildings by around 50% and the total energy saved will amount to around 45 GWh per year once the programme is fully implemented. This will contribute to the much-needed modernization of the building stock, increase indoor living comfort, reduce CO2 emissions, improve the living standards of the people of Bucharest and encourage other future modernization and rehabilitation measures,” the EIB explained.

To date, the EIB has provided funding worth around EUR 460 million for  energy efficiency refurbishment of multi-storey residential buildings in various sectors of Bucharest. The projects are designed to help implement Romania’s National Energy Efficiency Action Plan in the energy efficiency domain, and assist the country to fulfill its obligations under the EU Energy Performance in Buildings Directive.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

EU energy ministers targets renewables energy efficiency

EU energy ministers aiming at more ambitious renewables, energy efficiency targets

28 June 2022 - The Council of the EU wants to boost the renewables and energy savings targets via the Fit-for-55 package, which depends on upcoming talks

Skrekas Greece triple LNG storage renewable energy capacity

Skrekas: Greece to triple LNG storage, renewable energy capacity

27 June 2022 - Minister of Environment and Energy Kostas Skrekas said the government would mobilize over EUR 44 billion for Greece's energy sector by 2030

Austria ban gas boilers new buildings next year

Austria to ban gas boilers in new buildings in 2023

15 June 2022 - Austria is phasing out fossil fuels in heating, starting with a ban on the installation of gas boilers in new buildings from next year

MRE-GIZ-prosumers-project-june 2022

Germany’s GIZ to help Serbia make renewables available to everyone

09 June 2022 - Minister Zorana Mihajlović signed an agreement with GIZ on the Promotion of Renewable Energy and Energy Efficiency in Serbia