NIB starts Russia Energy Efficiency Programme, REEP

NIB is launching a long-term funding programme aimed at improving energy efficiency in the industrial and district heating sectors in the Russian Federation. The first step of the programme will be to open a consultancy for potential projects.

NIB’s Russia Energy Efficiency Programme (REEP) will help potential borrowers in Russia to develop eligible projects and provide funds for them. The funds will be allocated by NIB with Russian Gazprombank and potentially some other intermediary banks. NIB has so far earmarked EUR 60 million for on-lending to REEP projects.

“With REEP, we are trying out a new approach to identifying and appraising potential projects as well as raising awareness about energy efficiency,” says Henrik Normann, NIB President and CEO.

“We would like to see more initiatives to improve energy efficiency and to help future borrowers prepare their projects in line with NIB’s criteria. We also hope that this will ultimately help reduce cross-border pollution.”

For support in project development, NIB has contracted the Swedish consultancy company Grontmij AB. Under a two-year contract, the consultant will help identify potential projects, carry out measurements of energy efficiency and environmental assessments, organise training in environmental and energy efficiency related matters as well as assist in promoting REEP in Russia. The consultancy will be financed with grants from Sweden provided through the Ministry of Foreign Affairs and the Swedish International Development Cooperation Agency Sida.

NIB is a multilateral financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact

Ms Marjo Harri, Senior Manager Origination, at +358 10 618 0227,

Mr Dimitrijs Alehins, Senior Communications Specialist, at +358 10 618 0296,