Moldovan companies took out loans of €16m for reducing energy consumption

The energy efficiency and renewable energy program of the European Bank for Reconstruction and Development by October approved 52 projects with a lending volume of €16 million. The projects aim to reduce energy consumption and CO2 emissions, Info-Prim Neo reports, quoting a communiqué from the Moldovan Sustainable Energy Financing Facility (MoSEFF). Among the beneficiaries of the project is the fish processing company Telemar. The company’s project envisions investments of about €500,000. “After the successful implementation of the project, Telemar will save 55% of the consumed energy and 69% of the consumed natural gas,” said the manager of the MoSEFF joint team of experts from Germany and Moldova Tino Mahler. The Moldovan Sustainable Energy Financing Facility was launched by the European Bank for Reconstruction and Development in order to support energy efficiency investments of Moldovan enterprises. Under MoSEFF, the EBRD made a total of € 20 million available for on-lending through local partner banks. To make investments into energy efficiency projects even more attractive, MoSEFF contains a grant component for eligible projects. Depending on the energy savings and CO2 emission reductions achieved, the grant may reach from 5% to 20% of the loan amount. The applications for MoSEFF loans can be submitted directly to the MoSEFF head office or the local partner banks, including Moldova-Agroindbank (MAIB), Moldindconbank (MICB) and the Romanian Commercial Bank (BCR). The EBRD decided to extend the program until next March and is considering an extension in 2013.