The EBRD has provided Polish-based and French-owned financial institution, Euro Bank S.A, with a loan to fund energy efficiency upgrades in residential buildings. The residential sector accounts for 53% of Poland’s total energy consumption, according to a statement.
Euro Bank S.A will provide homeowners, housing associations and the private sector with energy and water efficiency loans via the Polish Residential Energy Efficiency Financing Facility.
The loan is expected to help Poland meet energy efficiency standards set by the EU Commission on Energy as well as reduce the country’s carbon emission footprint.
The €23.6 million ($27.9 million) includes €2.5 million ($2.9 million) secured from donors and EBRD’s Shareholder Special Fund.
Lucyna Stańczak-Wuczyńska, EBRD Director for EU Banks in the Financial Institutions Group, commented: “We are proud to sign this agreement and expect significant interest in the market for the energy and resource efficiency loans our loan will finance. The EBRD is pleased to notice an increasing awareness in many of its countries of operations of the importance of sustainable and green development. As in many other respects over the past 25 years, Poland could also be a frontrunner in this field.” [EBRD supports Kosovo energy efficiency initiative].
Grzegorz Zieliński, EBRD Regional Director, Poland and the Baltic states, added: “The start of the heating season is a timely context for today’s agreement. We look forward to working with a strong partner such as Euro Bank in order to reach as many investors in residential energy efficiency as possible. The EBRD offers a unique combination of financial sector instruments for green investments and we look forward to the successful rollout of our new credit line.”
Alexis Lacroix, President of the Management Board of Euro Bank, said: “Besides CO2 emissions, our action in residential energy efficiency aims to contribute to improvements in air quality, which is a priority in Euro Bank’s corporate social responsibility. We are sure that marketing these environmentally friendly loans will further raise public awareness of the impact everyone can have on improving the quality of our environment.”
The loan raises EBRD’s assistance in Poland to €8.5 billion ($10 billion) issued to 380 projects since 1991.
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