BUCHAREST S3 THERMAL REHABILITATION

Promoter – Financial Intermediary

MUNICIPIUL BUCURESTI - SECTORUL 3

Location

• Romania

Description

Financing a multi-annual (2014-2017) investment programme for the refurbishment of multi-family private housing in Sector 3 in the municipality of Bucharest, as part of the National Energy-Efficiency Action Plan of Romania. In total 555 buildings with 45,537 apartments will be refurbished. The investment will focus on thermal energy-efficiency improvements of the building envelope (wall insulation, windows, roof and cellar insulation).

Objectives

The proposed investments aim to reduce energy losses in multi-family housing and thus reduce energy consumption. Thermal rehabilitation of multi-storey residential buildings is part of the National Energy-Efficiency Action Plan of Romania, which intends to benefit the environment by supporting projects that help to reduce air pollution and mitigate climate change. For all buildings refurbished under the operation, energy performance certificates will be required. An independent verification of the quality of works and achieved energy savings will be implemented under the supervision of the Bank for selected buildings.

Comments

Sector(s)

• Services - Public administration and defence; compulsory social security

Proposed EIB finance (Approximate amount)

EUR 38 million

Total cost (Approximate amount)

EUR 226 million

Environmental aspects

The operation will benefit the environment by supporting projects that reduce energy consumption and thus help to reduce air pollution and mitigate climate change. The individual schemes to be financed are likely to be small and are expected to have limited negative environmental impacts. The Bank will assess the promoter's capacity and procedures to ensure compliance with national and European environmental regulations, where applicable, as well as its capacity to support the Bank's Public Disclosure Policy, which aims at facilitating access by the public to environmentally relevant information.

Procurement

The promoter is a public entity and therefore public procurement rules will apply. The Bank will review systems and procedures applied by the promoter during appraisal to ensure that the promoter will follow suitable procurement procedures, ensuring an appropriate selection of works, goods and services offered at competitive prices, so that contracts will be in line with the project's best interests. The review will include verifying compliance with relevant national and EU legislation on procurement, which may include publication in the Official Journal of the European Union, where appropriate.

Status

Signed - 15/06/2015