New EBRD loan encourages Romanian SMEs to invest in energy efficiency

€10 million to UniCredit Tiriac Bank to help the private sector cut energy bills 

The European Bank for Reconstruction and Development (EBRD) is providing €10 million in new financing to Romania's UniCredit Tiriac Bank S.A. for on-lending to small and medium-sized enterprises (SMEs) investing in industrial energy efficiency and small-scale renewable energy projects. 

The loan is extended under the EBRD's Romania SME Sustainable Energy Financing Facility (RoSEFF), a key instrument for promoting the rational use of energy, particularly given the current liberalisation of the domestic energy market, as a means to cut bills and boost the competitiveness of SMEs. 

"There is substantial potential in Romania to achieve energy savings and the EBRD longterm loan helps reduce the number of barriers that the private sector still faces in obtaining financing for energy efficiency projects,” said Sylvia Gansser-Potts, EBRD Director for Financial Institutions, EU Banks. 

"UniCredit Tiriac Bank's commitment and track record in financing SMEs, combined with the EBRD's proven experience in implementing energy efficiency programmes, provides a strong basis for success in this new partnership,” said Rasvan Radu, CEO of UniCredit Tiriac Bank. 

Along with technical assistance and investment incentives financed by the European Union, the EBRD loan comes at a time when the Romanian private sector faces an even greater need for long-term financing, affected as it is by the eurozone crisis and the scarcity of funding.