VIPA ENERGY EFFICIENCY INVESTMENT PLATFORM SFSB

The EIB is financing a Lithuanian national promotional institution (NPI) establishing an investment platform to promote, finance and implement energy efficiency modernization projects across the country, in particular residential, public and industrial buildings, street lighting and transportation. This loan 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.

By setting up this investment platform, VIPA, the Lithuanian public investment development agency, will have the opportunity to achieve national strategic goals in energy efficiency, support the implementation of effective energy consumption methods in various economic sectors, create synergies from the cooperation with other national companies and attract private financing. The overall purpose is to contribute developing a modern, sustainable economy.

This operation intends to bring environmental benefits by supporting schemes that reduce energy consumption, increase the use of renewable energy and thus help to mitigate climate change. The individual schemes to be financed are likely to be small and are expected to have very limited negative environmental impacts. The cumulated impact of sub-projects could instead generate important environmental benefits. Given the scale, location and nature of the individual schemes in built-up urban areas, an Environmental Impact Assessment (EIA) , as defined under the EIA Directive 2014/52/EU amending the 2011/92/EU, will most likely not be required. The EIB will assess the promoter's capacity and procedures to ensure compliance with national and European environmental regulations.

The Bank will require the Promoter to ensure that contracts for the implementation of the project have been/shall be tendered in accordance with the relevant applicable EU procurement legislation (Directives 2014/24/EU as well as Directives 89/665/EEC and 92/13/EEC) as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.