The European Bank for Reconstruction and Development (EBRD) is extending a further €7 million to BC Mobiasbanca - Groupe Société Générale SA for on-lending to private companies undertaking energy-saving measures and investing in renewable energy projects. A previous energy efficiency loan of €3 million to Mobiasbanca earlier this year has already been used, IPN reports.
According to a communiqué of Mobiasbanca - Groupe Société Générale, the EBRD financing will be used to help businesses invest in energy-efficient equipment, for example, to replace old production and heating equipment, rehabilitate and replace boilers, install meters and renovate thermal and electric energy distribution systems. It will also finance small-scale renewable energy projects such as solar water-heating systems, solar panel electricity systems, etc.
Octavian Costas, Acting Head of the EBRD office in Chisinau, said that more than 90 per cent dependent on energy imports, Moldova spends over 30 per cent of its import budget on energy.
Ridha Tekaia, President of Mobiasbanca - Groupe Société Générale, said the first MoSEFF loan signed earlier this year was a great success. “We continue to receive further financing requests from Moldovan entrepreneurs. That’s why we decided to negotiate an extension of our cooperation with the EBRD,” said Ridha Tekaia.
The new loan comes under the Moldovan Sustainable Energy Financing Facility II (MoSEFF II), which provides loans to finance energy efficiency improvements in the private sector. The financing is complemented by EU grants to facilitate up to 20 per cent of the loan and to engage consultants to provide technical advice for energy-saving investments.
To date the Bank has signed over 100 investments in the country, covering the energy, transport, agribusiness, general industry and banking sectors, and totaling almost €900 million.
