EIB and HBOR sign EUR 2m program to increase energy efficiency in Croatia

The partnership will support eligible entities to invest more than EUR 57million in energy efficiency, save up to 35 GWh of energy each year and reduce CO2 emissions.

Businesses in Croatia looking to increase the energy efficiency of their properties will benefit from a new program worth in excess of EUR 2m, signed today between the European Investment Bank (EIB) and the Croatian Bank for Reconstruction and Development (HBOR). Municipalities in Croatia will also be eligible to benefit under the program and improve city lighting networks.

The EIB-supported program will allow owners of primarily E and F energy class private sector buildings to receive support from HBOR and develop applications for ESIF loans to improve energy efficiency or install in-building renewable energy sources. HBOR will be able to extend the same support to municipalities applying for ESIF loans to improve their street lighting networks.

The partnership will support eligible entities to invest more than EUR 57million in energy efficiency, save up to 35 GWh of energy each year and reduce CO2 emissions. The deal will improve around 130,000 m2 of public and private buildings space and increase street safety with around 60,000 improved lighting posts across Croatia.

Vice President of the EIB, Vazil Hudak said, "I am very happy to see our partnership with HBOR develop and grow. Today, we agreed to increase the energy efficiency of Croatian businesses and municipalities and contribute towards safer streets for the citizens. As the EU`s Climate Bank, EIB is happy to sign this program reducing CO2 emissions and energy waste. I encourage businesses and municipalities to apply with HBOR and help not just themselves and Croatia, but the entire planet."

The President of the Management Board, Tamara Perko said, "This is one more activity with which we significantly reduce funding costs for users while increasing the success of these projects. I am confident that project documentation financing for energy efficiency projects will further stimulate activities in this area, which means, in addition to reducing energy consumption, boosting activities of the construction and all other related industries. We expect these funds to be available to customers in the first quarter of 2020."

Business building owners and local governments will all be eligible to apply for the support directly at HBOR.

EU partnership for an energy-efficient Croatia

The largest part of EIB`s funds provided to HBOR comes from ELENA, a joint initiative developed by the EIB and the European Commission. ELENA was established under the Horizon 2020 program to provide grants for technical assistance focused on the implementation of energy efficiency, distributed renewable energy and urban transport programs.

With the support provided from HBOR, eligible entities will be able to benefit from three types of European Structural and Investment Funds (ESIF) loans for energy efficiency investment in the public and private sectors as well as from HBOR's own lending programs in EE/RE and other sources of funding.