EU support for first energy efficiency investment platform in Lithuania

The European Investment Bank (EIB) and the Lithuanian Public Investment Development Agency – have signed a EUR 12.5 million first tranche of a EUR 25 million approved facility, supporting the creation of the first national energy efficiency investment platform in Lithuania.

The project is backed by the Juncker Plan’s European Fund for Strategic Investments (EFSI) and focuses on climate action, while also generating cohesion benefits.

The financing will be used to support the first dedicated national investment platform – which already has a strong pipeline of eligible projects – to promote and finance energy efficiency modernisation projects across Lithuania. The underlying investments will focus on the installation of solar panels on private homes, minor refurbishment of multi-apartment buildings and energy efficiency investment in industrial companies, mainly focusing on efficient lighting. As such, the platform will serve many different beneficiaries throughout Lithuania, helping them to cut CO2 emissions and lower their energy bills.

“As shown by the EIB’s previous experience, in particular through the JESSICA initiative in Lithuania, there is so much to gain from energy efficiency,” said EIB Vice President Alexander Stubb. “We often don’t realise it, but isolating our buildings, or using more efficient lighting, can make a huge difference to our use of energy. I feel that setting up this platform will not only have a substantial impact on people’s lives and their energy bills, but will also give visibility to an important issue in the current climate debate.”

The establishment of the energy efficiency investment platform aligns with the policy priorities of the Lithuanian government in terms of energy efficiency and sustainability. This project falls partly under the Smart Finance for Smart Buildings (“SFSB”) Initiative, a joint initiative of the EIB Group and the European Commission (EC) aiming at supporting Energy Efficiency investments in buildings.

Original source: EIB
Published on 11 October 2019