VIPA Energy Efficiency Structured Loan – Feasibility Study (Lithuania)
The Lithuanian Public Investment Development Agency (“VIPA”), an agency of the Ministry of Finance of Lithuania, has approached the EBRD for a EUR 50.0 million loan. The proceeds will co-finance a EUR 74.0 million European Union grant which is being on-lent to finance energy efficiency investments in multi-apartment buildings. VIPA will be the borrower and act as an aggregator to channel and manage sub-loans to beneficiaries. The Project will help conserve energy, reduce carbon emissions, and encourage the use of energy performance contracts to bring energy efficiency gains in residential apartment buildings. The Lithuanian Public Investment Development Agency was awarded a gold medal in environmental and social innovation in EBRD Annual Meeting & Business Forum 2018 due to implementation of this project.
The EBRD has selected a consultant to prepare a feasibility study to assess EBRD investment to VIPA to finance energy efficiency investments in multi-apartment buildings. The scope of work includes preparation of full financial, technical, environmental and social due diligence of the proposed transaction.
Aspiro supported the project by carrying out the following areas:
- Preparation of Procurement strategy and investment plan in accordance with EBRD Procurement Policies and Rules, assessment of implementation arrangements
- Collection and integration of partial inputs from the client and experts, preparation of the Draft, Draft Final, and Final Reports
- Data validation, preparation of recommendations and their confirmation as necessary during the project
- Overall Quality Assurance of the Project and Reports
“At the annual summit of business leaders, the name of Lithuania has been mentioned for many times. It is good to take a pride in the achievements of our country. This evaluation is significant not only for gold. This is a huge stimulus to go further forwards. Investment to the renovation of multi-apartment buildings means more comfortable, warmer homes, lower heating bills and, primarily, a cleaner country for all of us.”
[Vilius Šapoka, Minister of Finance]
“This is the first such investment of the EBRD for Lithuania to energy consumption efficiency of the buildings. The reward is a serious recognition of the financial community to Lithuania. This demonstrates a confidence in our country and it allows to look bolder for investors abroad.”
[Gvidas Dargužas Director General of the Public Investment Development Agency (VIPA)]
“We would like to thank Aspiro for their professional services and proactive approach during the realization of this project. Aspiro secured a high level of quality standards, and has been very much focused on the critical issues of the due diligence. Moreover, the cooperation with the Aspiro experts has been very smooth and pleasant. We can value their input as very effective.”
[Erik Heidema, Project Manager, VVMZ]