As per the agreed terms, EBRD will lend €7.5m to Raiffeisenbank (Bulgaria) for investing in the local enterprises.
The initiative is backed by the technical assistance and a grant financed by the Kozloduy International Decommissioning Support Fund which is available for 15% of the principal amount of the loans, depending on the estimated energy savings or the capacity installed for renewable energy projects.
Eligible renewable energy projects could include investments in biomass, geothermal and biogas installations, as well as small wind turbines and solar thermal and hydro power projects.
Under the first BEERECL credit line of €20m, Raiffeisenbank (Bulgaria) financed the completion of 25 energy efficiency and renewable projects, while it has participated in five EBRD credit lines since 2002.
Raiffeisenbank (Bulgaria), established in 1994, is fully owned by Raiffeisen Bank International (RBI). RBI regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialized financial service providers in 17 markets.
