Energy Efficiency and Renewable Energy Credit Line Framework of the European Bank for Reconstruction and Development (EBRD) for financing energy projects, the consultant on the project, EnCon Services, said in a press release. The new extension of the credit line will be announced officially on Tuesday.

The credit line was established in 2004 implementing a joint initiative of the Bulgarian government, the EBRD and the Kozloduy International Decommissioning and Support Fund. The purpose is to support investment in projects for mitigating the consequences of the Kozloduy units closure through energy efficiency and the use of green energy resources.

From April 2004 to December 31, 2008 the credit line, managed by seven local banks, led to very good results - loan agreements totaling 81.6 million euro were signed for financing 117 projects, the energy saved annually came up to 868 GWh, and carbon dioxide emissions dropped by 552.360 tonnes, EnCon Services said. The projects replaced power facilities producing 126 MWe and added renewable energy resources of 65 MWe. The green energy resources are enough to satisfy the meet energy consumption of about 280,000 households, EnCon Services said..

The second extension of the EBRD credit expire son June 30, 2011 and will ensure a portfolio of 55 million euro for the four participating Bulgarian banks. The money is lent for energy efficiency projects to private investors.

Source: BTA