Financial support for Kandalaksha’s energy saving efforts

The Bay of Kandalaksha. Photo: Elisabet Paulig-Tönnes

Some 36 municipally owned buildings in Kandalaksha, which is situated in Northwestern Russia on the Kola Peninsula, will benefit from an energy saving scheme, which is being financed by NEFCO’s Facility for Energy Saving Credits.

The total investment cost of the project is RUB 10.5 million, and NEFCO will provide a loan of RUB 9.5 million. The loan will be used to renovate five heating sub-centrals and install heat metering devices at 31 buildings, mainly schools, day-care centres and youth centres.

The project is expected to save some 2.5 million kilowatt hours of heat energy per year for the municipality and this will translate into over RUB 5 million in savings annually. NEFCO’s intermediary bank in Russia, Raiffeisen will disburse the loan to the municipality. The maturity of the loan will be 2.1 years.

At the moment NEFCO has some 16-20 new energy saving projects in the pipeline with a total value of around EUR 6 million. The corporation’s Facility for Energy Saving Credits has access to funds totaling EUR 12.5 million.

Learn more about the Facility for Energy Saving Credits

Find the project location on the map

Learn more about NEFCO’s cooperation agreement with Raiffeisen Bank

Read about a recent energy savings loan to Gurjevsk

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