New financing for energy efficiency loans in Lithuania

The European Investment Bank (EIB) and Siauliu Bankas have signed a guarantee agreement to continue and renew their funding for energy efficiency renovations of Lithuanian multi-apartment buildings. The EIB will provide a EUR 30 million guarantee from the European Regional Development Fund (ERDF) for a portfolio of EUR 150 million in loans by Siauliu Bankas to the homeowners for the modernisation of their properties.

According to Vice Minister of Environment Mrs. Reda Brandisauskiene, there have been more than 2,500 multi-apartment buildings or 70,000 apartments renovated since the start of the Multi-apartment Building Modernisation Programme, total investments over this period reach EUR 600 million.

“Already nearly 50,000 Lithuanian households have been able to lower their energy bills through the multi-apartment modernisation programme, of which the EIB was one of the first supporters,” said EIB Vice President Alexander Stubb. “With today’s agreement, we will make available more financing for those who want to refurbish their homes to a higher standard of energy efficiency. Buildings are the main emitters of CO2, so, to diminish this, every little bit helps a lot.”

The signature of the guarantee agreement follows a recent contribution of EUR 50 million by Siauliu Bankas under the Jessica II Fund of Funds, which was signed on 12 November 2018. The additional support agreed between Šiaulių bankas and the EIB will allow for further 4,000 apartments to be refurbished to higher energy efficiency standards.

Original source: EIB
Published on 3 January 2019