€10m energy efficiency boost for Romanian SMEs

Small and medium sized businesses (SMEs) in Romania will soon be able to invest in industrial energy efficiency and small scale renewable energy projects, thanks to a €10 million (£8.58m) […]

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By Priyanka Shrestha

Small and medium sized businesses (SMEs) in Romania will soon be able to invest in industrial energy efficiency and small scale renewable energy projects, thanks to a €10 million (£8.58m) loan.

London-based European Bank for Reconstruction and Development (EBRD) is providing the cash to Romania’s UniCredit Tiriac Bank for on-lending to SMEs in the country.

The loan is extended under the EBRD’s SME Sustainable Energy Financing Facility (RoSEFF) – a key instrument for promoting the rational use of energy as a means to cut bills and boost the competitiveness of SMEs.

Sylvia Gansser-Potts, EBRD Director for Financial Institutions, EU Banks said: “There is substantial potential in Romania to achieve energy savings and the EBRD long-term loan helps reduce the number of barriers that the private sector still faces in obtaining financing for energy efficiency projects.”

The EBRD has invested around €6.3 billion (£5.4bn) in projects across Romania to date.

Last month the EBRD also provided funding for Poland to upgrade it electricity distribution network.