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EU-supported Energy Efficiency Project in Tbilisi

Deputy Director-General of the Directorate General for Neighborhood Policy and Enlargement Negotiations has visited a construction site of a large-scale energy efficiency project in Tbilisi.

Implemented by Georgia’s real estate developer m2, the project is one of many EU-supported energy efficiency initiatives in Georgia. The project is financed by the International Finance Corporation and the Green for Growth Fund.

We were here a year ago to launch discussions with the Government and other stakeholders on how to advance reforms enabling an investment boost in energy efficiency. I am glad to be back to map out concrete steps with the government and development partner on this, but also to see that we are already on track in delivering benefits of energy efficiency to citizens, as this project shows”, said Mathernova.

The visit examined the measures m2 is able to implement in buildings thanks to support, which includes improved building insulation, modern boilers and appliances, and better insulated windows and doors.

These measures should provide an estimated 40 percent energy savings compared to similar-sized new buildings in the Georgian market. For the apartments constructed as part of this initiative, the total expected annual savings of CO2 are equal to planting 210,000 trees each year”, read the press-release by the European Union Delegation to Georgia.

In order to benefit from the Green Growth Fund and EU support, m2 was required to develop apartment buildings at least 20 percent more efficient than those built to standard Georgian construction practices. In return they received a $11.5 million loan, which handled the first risks for the investment, making it easier to raise capital from other lenders.

 

Source: http://agenda.ge/news/97858/eng

 

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