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Укр Ukreximbank and the Entrepreneurship Development Fund and launched a program to support enterprises in energy modernization
On October 8, 2024, the Entrepreneurship Development Fund (EDF) and Ukreximbank signed a cooperation agreement under the Program to support the financing of energy service companies (ESCOs) working on the energy modernization of public buildings in small and medium-sized cities of Ukraine, the press service of Ukreximbankreports .
The program was developed by the Entrepreneurship Development Fund to implement the project “Removing Barriers to Promoting Investment in Energy Efficiency in Public Buildings in Small and Medium-Sized Cities of Ukraine through the ESCO Mechanism.” The project is funded by the Global Environment Facility and implemented in cooperation with the United Nations Development Program (UNDP). The goal of the project is to create an ESCO fund based on the PFI, which will combine various financial support instruments to provide affordable financing for ESCO companies.
“Energy efficiency is a step towards the future! The agreement on cooperation with the FRF is an important event, as the state needs urgent energy modernization to save costs and achieve energy independence. As part of lending to ESCO companies, three lending instruments are envisaged: the Affordable Loans 5-7-9% program, partial loan guarantee programs, and a grant component to repay the principal amount of the loan. Thanks to stable and affordable financing, energy service companies will be able to implement more projects, which will allow them to effectively modernize public buildings, reduce energy consumption and mitigate the impact of external factors on the energy system,” said Mykhailo Medko, Member of the Management Board of Ukreximbank.
The program is targeted at micro, small and medium-sized enterprises that have concluded energy service contracts and meet the eligibility criteria set by the program.
Andriy GaponChairman of the Board of the Entrepreneurship Development Fund
“We are pleased to launch a pilot project together with our UNDP partners to create an affordable energy modernization financing mechanism for ESCO companies. This will improve the energy efficiency of public buildings, reduce greenhouse gas emissions and, most importantly, revitalize the ESCO market for launching new projects,” said Andriy Gapon, Chairman of the Board of the Entrepreneurship Development Fund.
