10 Feb 2011 11:13

SEB and EIB in Lithuanian energy savings deal

SEB will provide modernisation loans for energy efficiency investments in multi-apartment buildings for a total amount of six million euro. Apartment owners can apply for subsidised 20-year loans with low and fixed interest rates that must be used for energy efficiency investments. These investments potentially allow for a significant reduction in energy consumption and thus enable considerable savings on energy bills.

The Lithuanian government’s JESSICA holding fund, managed by the EIB, was established by the Ministry of Finance and the Ministry of Environment of Lithuania in June of 2009 as an effective way of deploying EU structural funds for energy efficiency investments. The initial capital committed by the Lithuanian government to the JESSICA holding fund is 227 million euro.

This is one of the largest and one of the first JESSICA holding funds established. It is the first such fund to have disbursed money to intermediaries, and is the first one where money has reached renovation projects.

The loan agreement between the JESSICA holding fund and SEB was signed in Vilnius by Eva Srejber from EIB and Aivaras Cicelis, from SEB in Lithuania.

“The EIB is pleased to be signing this important agreement with SEB, which will give a further boost to the energy savings programme and bring benefits to apartment owners and the national economy of Lithuania,” Srejber said.