The Republic of Moldova will raise a sovereign loan of up to €30 million from the European Bank for Reconstruction and Development for an energy efficiency project. The EBRD loan will be co-financed by a €30 million loan from the European Investment Bank and an investment grant of €15 million from the EU’s Neighborhood Investment Platform, IPN reports, quoting a draft Government decision on the initiation of negotiations on the lending agreements that was proposed for public consultations.

The project will finance energy efficiency measures, focusing on improvements to the building envelope, heating systems, ventilation and air-conditioning systems, lightings, and introduction of renewable energy sources.

The project aims to improve energy efficiency at the building level prioritizing public buildings, both municipal and state-owned, across the country, which will result in significant environmental benefits through energy savings and reduction of carbon emissions.

The project will be implemented by the Ministry of Economy and Infrastructure of Moldova, which assigned the Moldovan Energy Efficiency Agency as the project promoter.

The total cost of capital expenditure is €75 million. The project will be implemented during four years (2022 – 2025).