EBRD and BCR promote sustainable energy in Romania

The loan is supplementing a similar €20 million credit line offered by the EBRD to BCR in 2008. BCR is the leading bank in Romania, majority-owned by the Austrian Erste Group.

Extended under the EU/EBRD Energy Efficiency Finance Facility framework*, the loan will be used to finance energy efficiency investments undertaken by Romanian businesses with long-term loans worth up to €2.5 million each. The project will enable Romanian companies to maximise energy savings, mitigate the impact of rising energy prices and to improve their overall competitiveness.

With the support of grant financing from the EU, sub-borrowers undertaking sustainable energy investments will be eligible for an incentive payment from the EBRD of up to 15 per cent of the amount of their investment upon the completion of the works, subject to applicable conditions.

With the support of the initial loan from the EBRD BCR financed 14 energy efficiency projects, which enabled BCR clients to reduce their energy bills and cut emissions by up to 60 per cent per year and improve their overall productivity.

'Reducing energy intensity is a high priority for the EBRD in Romania, which has a substantial potential for energy efficiency improvements. We are pleased to continue our successful cooperation with BCR by extending new financing for sustainable energy projects', said Jean-Marc Peterschmitt, EBRD Director for Financial Institutions.

'The successful implementation of the first Energy Efficiency facility was based on strong efforts undertaken by BCR in this respect. It shows BCR's strategic dedication to a sector which is vital under the current global context. The additional funding by the EBRD is part of a strategic relationship we have with this international financial institution', said Wolfgang Schoiswohl, Executive Vice-President of BCR.

Since the beginning of its operations in Romania the EBRD has committed over €4.5 billion across close to 270 projects, which attracted additional investment of over €8.3 billion.

*The EU/EBRD Energy Efficiency Finance Facility is a grant-supported financing line for Romania from the European Commission and the European Bank for Reconstruction and Development. For more information and investment case studies please visit www.eeff.ro.

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The EBRD, owned by 61 countries and two intergovernmental institutions, is supporting the development of market economies and democracies in countries from central Europe to central Asia. www.ebrd.com

BCR, an important member of Erste Group, is the No.1 provider of financial services in Romania – over RON 64.5 bln (EUR 16.0 bln) in assets at December 31st 2009 – the No.1 bank by number of clients – over 4.6 million retail and corporate clients – and the No.1 bank in lending and saving – over 22.0% and respectively 21.0% market share. BCR branch network covers all Romania with 665 retail branches and 48 corporate commercial centres.

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