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EBRD and NIF join forces: new feature highlights EU support to energy efficiency in Georgia, Azerbaijan

December 8, 2014

A young couple in Georgia has entirely renovated their old Soviet-style apartment thanks to a bank loan they had taken out to install brand new energy efficient systems and appliances. Now they can save 700-800 lari (around €350) per year, which can be put towards repaying loan. This is just one of many cases of Georgian companies and private households that have already benefitted from the EBRD’s Caucasus Energy Efficiency Programme which provides credit lines totalling US$ 125 million to local partner banks to finance sustainable energy investments. You can find out more about this initiative in a new feature story and video on the EBRD website.
 
The EBRD Programme is supported by the EU's Neighbourhood Investment Facility (NIF), which offers incentive payments to those investing into energy efficiency.
 
Another example is Iceberg Poti, a small business providing refrigerated storage to commercial clients which keeps frozen fish, meats and fruit in its facilities before they reach their final destination. A significant part of Iceberg Poti’s expenses goes into electricity bills, meaning that there was great potential for cutting costs, said Irakli Tsekvashvili, Iceberg Poti’s director.
 
We designed the project with energy efficiency in mind. This will enable us to decrease the amount of electricity we use and make our products more competitive,” he said. The results have been impressive. The company now saves more than US$ 100,000 in electricity costs every year.
 
Such activities supported by the EU have started to make a real difference in terms of environmental impact: they have helped reduce CO2 emissions by more than 10,000 tonnes per year – equivalent to the annual energy consumption of more than 15,000 Georgians.
 
The popularity of the Caucasus Energy Efficiency Programme means that it is now expanding to new horizons. Azerbaijan is the next port of call and the EBRD officially launched its programme in the country in November 2014.(EU Neighbourhood Info)
 
Read more
 
EBRD - feature story and video
 
Georgia and the EBRD
 
EU Neighbourhood Info Centre webpage – Georgia
 
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