US$ 160 million lending framework utilised, more funds to be pledged
The European Bank for Reconstruction and Development is continuing its drive to promote energy saving in Ukraine through specialised energy efficiency initiatives – and the largest of them to date, the US$ 160 million Ukraine Energy Efficiency programme (UKEEP), is nearing completion.
In the Ukrainian capital Kiev today, the Bank named the five best projects financed under the programme. They represent a wide range of sectors from cheese production to steel manufacturing and demonstrate how the introduction of new technologies and methods can lead to significant energy efficiency savings.
The Bank announced overall results of UKEEP activity, which has to date financed almost 40 individual energy efficiency and renewable energy projects worth nearly US$ 110 million. The programme also screened hundreds of projects across the country and conducted dozens of energy audits of domestic companies.
UKEEP, launched in May 2007 and designed to tackle Ukraine’s energy intensity, was actively supported by EBRD partner-banks. UkrEximBank and Forum Bank were named among most the active lenders.
Collectively, UKEEP funded projects achieved energy savings of 2,200,000 MWh per year, which is equal to the energy consumption of a major city like Stockholm or Odessa. Total CO2 savings as a result of UKEEP implementation stand at 520,000 tonnes per year – the equivalent of the emissions from 220,000 passenger cars.
"We are impressed by the way the Ukrainian market responded to this energy efficiency initiative by the Bank. I am very happy that the number of energy-conscious businesses in this country is on the rise. Clearly, there is a demand for such projects in Ukraine. The EBRD is planning to pledge additional resources and open similar energy-efficiency programmes in the near future," said André Küüsvek, EBRD director for Ukraine.
The programme was supported by several important technical assistance components financed by the governments of Sweden and Austria.
The European Bank for Reconstruction and Development is the largest financial investor in Ukraine. As of 1 September 2011, the Bank had committed more than €6.7 billion (US$ 9 billion) in 281 projects since starting operations in the country.