Scandinavian Group to Invest 2.8 Mil Euros into Georgian Energy Efficiency

Georgia’s Minister of Finance, Nikoloz Gagua, signed loan and grant agreements yesterday with the Managing Director of the Scandinavian Environment Finance Corporation (NEFCO) and its head investments manager.

NEFCO has pledged EUR 2.83 million to a project which aims to help make public buildings in Georgia more energy efficient, including introducing renewable and alternative energy sources in administrative and educational buildings. The project will also receive EUR 1.87 million from the Eastern Europe Energy Efficiency and Environment Partnership (E5P).

The Ministry of Finance says "The project has significant environmental and social impacts, as well as improving energy efficiency standards in the country.” The project is planned for 2018-2020, and the energy efficiency improvements will be implemented by the Municipal Development Fund of Georgia.

E5P approved the project funding in December 2017 when the Assembly approved the new grant allocation of EUR 1.87 million for Energy Efficiency in Public Buildings project proposed by NEFCO. They also examined the status and level of disbursements of several approved projects – Reconstruction of Schools in Tbilisi; Tbilisi Buses, Batumi Buses.

By Samantha Guthrie

Photo: Eastern Europe Energy Efficiency and Environment Partnership