EIB finances energy efficiency modernization projects 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 European Investment Bank (EIB) and National Promotional Institution Viesuju Investiciju Pletros Agentura (VIPA) - 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 modernization projects across Lithuania. The underlying investments will focus on the installation of solar panels on private homes, the renovation 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.

"We are delighted to be in a partnership with the European Investment Bank in order to support the energy efficiency investment platform. VIPA invites all legal entities to join energy efficiency project implementation in Lithuania as well as to apply for energy efficiency investment platform loans designed for increasing energy efficiency and to become prosumer" said Gvidas Dargužas, Chief Executive Officer of VIPA.

"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."

European Commissioner Vytenis Andriukaitis said: "It is vital that we bring our homes and businesses into the 21st century when it comes to their carbon footprint. I am very pleased that the Juncker Plan is supporting Lithuania's first energy efficiency investment platform. Not only will the projects financed by this platform help Lithuania meet its sustainability objectives, but consumers will see a drop in their energy bills. A win-win."

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.