EBRD Energy Efficiency Funding Boost for Russian SMEs

THE European Bank for Reconstruction and Development (EBRD) is lending 1.7 billion Roubles to UniCredit Leasing Russia (UCLR) to finance new leases to energy efficiency projects.

UniCredit Leasing Russia (UCLR) is one of the top leasing companies in Russia, and will target the loans at small and medium-sized enterprises (SME) in industry and agriculture, including those located outside the Moscow region.

Georgy Orlov, the EBRD’s Director for Financial Institutions in Russia, said: “Improving energy efficiency is one of the priority areas for the EBRD in the Russian financial sector. We have already invested over €100 million in similar projects. Working with UniCredit Leasing Russia represents another successful step in our efforts to help companies cut their energy use”.

Andrey Okhrimenko, Financial Director for UniCredit Leasing Russia, said: “EBRD financing will not only help us increase SME leasing for energy efficiency, but is also, in a way, a mark of quality of UCLR’s development strategy.”

Russia is one of the most energy-intensive countries in the region, with energy intensity 2.5 times that of the European Union. To help the country’s businesses reduce their energy consumption, the EBRD has established a special credit line programme – the Russian Sustainable Energy Financing Facility (RuSEFF).

Picture of Kutuzov Avenue, Moscow by Wecameasromans (Own work) [CC-BY-3.0], via Wikimedia Commons

Monday 28th October 2013

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