14:22 10.12.2015

EBRD to issue EUR10 mln to Chernivtsi for heating system modernization

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EBRD to issue EUR10 mln to Chernivtsi for heating system modernization

The European Bank for Reconstruction and Development (EBRD) has approved the issue of EUR10 million to municipal company Chernivtsiteplokomunenergo for the installation of individual heating units, replacement of pipes with pre-insulated, upgrading boilers.

A bank representative told Interfax-Ukraine that the bank board made the decision at a meeting on December 9.

According to the document, the bank could issue EUR7 million from its own funds and another EUR3 million from the funds of the Clean Technology Fund.

It is also expected that the project will receive grant co-financing from the Eastern European Energy Efficiency and Environmental Partnership (E5P) in the amount of up to EUR4 million, and another EUR2 million will be contributions of local participants.

In addition, Chernivtsiteplokomunenergo obtained a significant technical assistance in the project realization: the Swedish government granted EUR180,000 for its feasibility study, while the EBRD some EUR 20,000 for audits under IFRS.

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