11.11.2014 | News
NEFCO and the city of Myrhorod have signed a loan agreement to update the street lighting system with energy efficient lamps.
NEFCO will provide EUR 56,000 from the Facility for Energy Saving Credits for the project.
Located some 250 kilometres east of Kiev, Myrhorod has about 41,000 inhabitants. Its underground mineral water sources make Myrhorod a famous health resort in Ukraine. The city currently has over 4,000 street lights consisting of high pressure sodium lamps, incandescent lamps and mercury lamps, and the length of the cable network is 120 km.
The loan from NEFCO will enable the replacement of 438 old street lights located along two of the main streets in the city centre with new 140 W high pressure sodium lamps. New reflectors and lamps will not only more than halve the electricity consumption, butwill also provide better lighting. Total electricity consumption will be reduced by 300 kWH per year and the municipality will in turn save around UAH 700,000 as a result.
“We are very proud of the continuous cooperation with the city of Myrhorod. The first energy efficiency loan granted by NEFCO has helped to refurbish educational institutions and has been implemented in cooperation with the German development organisation GIZ. Both projects will reduce the city’s energy consumption and improve amenities both for residents and for tourists visiting the city,” says Julia Shevchuk, Chief Investment Adviser at NEFCO.
To date, NEFCO has approved 23 efficiency loans to Ukrainian municipalities through its Facility for Energy Saving Credits and currently has 30 ongoing projects in the country.
The loan programme provides funds to finance energy saving measures in municipally-owned buildings as well as the replacement of street lights. NEFCO can finance up to 90 per cent or EUR 400,000 of the investment costs of any project being financed through the loan programme.
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Learn more about the Facility for Energy Saving Credits