Energy Efficiency

Piraeus Bank Bulgaria to finance residential energy efficiency


July 25, 2016






July 25, 2016





The European Bank for Reconstruction and Development (EBRD) said it is providing a EUR 10 million loan complemented by technical assistance to Piraeus Bank Bulgaria (PBB).

The loan is provided under the new extension of the Residential Energy Efficiency Credit Line (REECL), a framework established by the EBRD in 2005. As the partnership continues, PBB will use the funds to finance energy efficiency investments in privately owned residential buildings in Bulgaria.

The Kozloduy International Decommissioning Support Fund (KIDSF) is supporting the programme by financing technical assistance and investment incentives for end-users. The investment aligns with the EBRD’s strategic Sustainable Resource Initiative, which calls for the development of sustainable energy financing and the promotion of energy efficiency improvements.

“Over the last 10 years a significant volume of EBRD commercial funding, coupled with technical assistance and grants, has reached small and medium-sized enterprises (SMEs) and the wider population through the financial sector. This has helped to build the market for sustainable energy and encourage energy-saving habits among consumers,” said Larisa Manastirli, the international financing institution’s country manager.

“Piraeus Bank Bulgaria and the EBRD have a long-term partnership in programmes that support energy efficiency and sustainable development. Our recent years of cooperation have confirmed our support and educational efforts, not only for businesses, but also for individuals so they can reduce their main residential expense, namely the cost of their energy consumption,” stated Emil Angelov, deputy chief executive of PBB.

Bulgaria’s economy continues to have the highest energy intensity in the European Union, according to the report published by the EBRD. Although the household sector’s share of overall energy consumption is in line with the EU average, a significant share of buildings in Bulgaria is not heated to optimal temperatures. PBB, part of Piraeus Bank SA of Greece, provides corporate, retail and investment banking services. EBRD said it invested over EUR 3.3 billion in more than 220 projects in the country.

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