The Nordic Environment Finance Corporation (NEFCO) and the Nordic Investment Bank (NIB) have signed a new 15-year loan programme worth EUR 25 million. NEFCO will use the funds to finance energy-efficiency and renewable energy projects in Eastern Europe, primarily in Ukraine.

The loan programme agreed with NIB will target municipal energy-efficiency investments and renewable energy projects that involve expertise from Nordic actors. Thus far, NEFCO has identified eligible projects in the fields of wind and solar power in Ukraine.

“The country is currently one of the most energy intensive in Europe and requires investments to modernise its infrastructure and increase its utilisation of renewable energy sources. Ukraine aims to get 11% of its energy needs from renewable sources by 2020. This new funding enables us to further contribute to the green transition in Eastern Europe,” says Trond Moe, NEFCO Managing Director.

NEFCO finances exclusively environmental and climate-related projects, with particular focus on Eastern Europe.

“NEFCO’s knowledge of the regional energy market, along with the long-term financing provided by NIB, allows us to support investments in renewables and energy efficiency in Eastern Europe. Our cooperation will also provide new opportunities for Nordic companies to export technological solutions to the Ukrainian energy sector,” says Henrik Normann, NIB President and CEO.

This is the second loan programme agreed between NEFCO and NIB. The first loan was signed in 2017 to finance the ‘Ukraine Higher Education Project – Energy Efficiency in Universities’.

NEFCO has financed and implemented over 240 projects in Ukraine related to energy efficiency, renewable energy, industrial processes and the water sector. Currently, NEFCO has some 150 ongoing private and public projects in various implementation stages in the country.

For further information, please contact:

Mr Trond Moe, Managing Director, NEFCO, at +358 10 6180 662, trond.moe@nefco.fi

About NIB

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside of its member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s. Read more at www.nib.int.

In picture: Trond Moe, NEFCO, and Henrik Normann, NIB. Photo by Pamela Schönberg, NIB

NEFCO and NIB sign loan to invest in green energy in Eastern Europe