BUCHAREST S1 THERMAL REHABILITATION II

Promoter – Financial Intermediary

MUNICIPIUL BUCURESTI - SECTORUL 1

Location

• Romania

Description

The project concerns the thermal rehabilitation of multi-storey residential buildings located in Sector 1 Bucharest. The investments will extend to 457 buildings comprising about 26 100 apartments, which shall be refurbished during 2014-2017. The investment will focus on thermal energy efficiency improvements of the building envelope (wall insulation, windows, roof and cellar insulation). The project follows up on the 1st phase of the energy efficiency programme for residential buildings undertaken by the Municipality of Sector 1 of Bucharest and financed by the EIB in 2011.

Objectives

The proposed investments aim at reducing energy losses in multi-family lodgements and thus reducing consumption of energy resources. Thermal rehabilitation of multi-storey residential buildings is part of the National Energy Efficiency Action Plan of Romania aimed at bringing environmental benefits 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 95 million

Total cost (Approximate amount)

EUR 182 million

Environmental aspects

This operation will bring environmental benefits 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 and biodiversity regulations, if 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, such 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 OJEU, where appropriate.

Status

Signed - 23/07/2014