The energy IQ program has received additional funding to support energy efficiency projects in Ukraine
Kiev. December 11th. - The European Bank for Reconstruction and Development (EBRD) provides new funds as part of its Ukrainian program for financing energy efficiency in the residential sector (UREEFF) in order to support better energy use in the country.
These funds will be used for the IQ energy program designed to support energy efficiency investments. Grant funding in the amount of EUR15 million from the Eastern European Foundation for Energy Efficiency and Environment (E5P), the largest contributor to which is the European Union, has been allocated for this program.
At the expense of an additional EUR18 million, the three banks-partners of the program will be able to support more than 18 thousand projects of individuals-borrowers and the OSBB, which plan to implement a wide range of energy efficiency measures.
At the moment, customers of four Ukrainian banks can use the IQ energy program. Raiffeisen Bank Aval joined this program in early 2017.
“The promotion of energy efficiency is one of the main directions of our bank’s strategy,” said Victoria Masna, head of the department for work with financial institutions of Raiffeisen Bank Aval. - We offer our customers funding for the purchase of energy-saving goods and intend to develop this area in the future. After all, increasing energy efficiency is extremely important for Ukraine, and we, the country's largest non-state bank, cannot stand aside. ”
Borrowers who qualify for participation in the IQ energy program can receive compensation in the amount of 35% (up to 3 thousand euros) of the loan amount or the amount of investments in energy-efficient products. Relevant projects may include thermal insulation of walls, roofs and floors on the first floors; installation of modern energy efficient windows, gas and biomass boilers; modernization of heating systems; installation of solar thermal systems and much more.
“Compensations are paid quickly, for 3-5 weeks after the confirmation of the electronic application. Compensation can be obtained on the cost of the main energy-efficient equipment, related products and the cost of installation work, provided they are purchased on credit with the main equipment. The maximum amount of compensation per individual is 3,000 euros (35% of the amount of one or several loans or the amount of investments in energy-efficient housing modernization). The program is valid at least until September 2020, it is possible to upgrade housing gradually and participate in the program several times until the limit is exhausted, ”explained IQ energy program manager Oksana Bulgakova.
In total, as part of the IQ energy program, implemented in Ukraine since April 2016, 13 thousand Ukrainian households have already received about UAH 320 million for thermal modernization.
The program’s website now contains a list of over 5,000 energy-efficient products and technologies that can be purchased and implemented using the 20 different financial products offered by the EBRD partner banks as part of the program.
The IQ energy program also uses technical cooperation funds provided by the E5P Foundation and the Swedish International Development Cooperation Agency (Sida).
The EBRD is the largest international financial investor in Ukraine. Since its inception in the country in 1993, the Bank has committed itself to provide almost EUR11.6 billion in 383 projects.
The EBRD is a multilateral bank whose activities are aimed at developing a market-oriented economy and supporting private and business initiatives in 37 countries on three continents. The bank belongs to 66 countries, the EU and the EIB. EBRD investments are aimed at making the economy in its regions of activity competitive, inclusive, efficiently managed, green and integrated. Follow our activities on our website, on Facebook, Linkindin, Instagram, Twitter and YouTube.
The Eastern European Partnership for Energy Efficiency and Environment (E5P) is a EUR180 million multi-donor fund managed by the EBRD, whose purpose is to promote energy efficiency investments in Ukraine and other Eastern European countries. This fund was created at the initiative of the Government of Sweden during its presidency of the European Union in 2009. The E5P financing complements the energy efficiency loans provided by these financial institutions like the European Bank for Reconstruction and Development, the European Investment Bank, KfW, the Nordic Environment Finance Corporation and the World Bank Group . E5P contributors are the EU and the USA, as well as Denmark, Estonia, Finland, Germany, Iceland, Latvia, Lithuania, Norway, Poland, Sweden, Switzerland and Ukraine.
