Lithuania: New support for energy efficiency in multi-apartment buildings



Šiaulių Bankas and the European Investment Bank (EIB) have agreed new support for the refurbishment and modernisation of multi-apartment buildings in Lithuania. Through EUR 90 million under the Jessica II fund, EUR 60 million of which contributed by Šiaulių Bankas, at least 9,000 apartments can be refurbished to higher energy efficiency standards.

Coming at the time of high demand for energy efficiency investments in Lithuanian residential housing, the agreement will further support the much needed refurbishment and modernisation works of multi-apartment buildings. Helping many thousands of domestic home-owners to cut their energy bills and improve the living quality of their houses, the initiative is once again part of the Multi-apartment Building Modernisation Programme, one of the key priorities of the government of the Republic of Lithuania with national and municipal backing.

"Šiaulių Bankas is a long-term financial intermediary of the Jessica programme. Under this programme we have already signed the number of credit agreements amounting to EUR 300 million, which corresponds to 1,300 renovated multi-apartment buildings. Signature of the new agreement today will enable us to provide additional financing for renovation of around 400 multi-apartment buildings - this means that this amount could be sufficient to fully renovate one big residential area of our capital city - Šeškinė or Pašilaičiai," - said Mr. Vytautas Sinius, Chief Executive Officer of Šiaulių Bankas.

“The successful deployment of Jessica funds has helped to create jobs as well as lower carbon emissions in Lithuania,” said EIB Vice President Andrew McDowell, responsible for energy lending. “These funds enable tens of thousands of apartment owners to refurbish their houses and enjoy significant energy savings. Thus, this programme not only helps achieve Lithuanian objectives in terms of climate action, but also directly improves many Lithuanians’ lives. I am convinced that the efforts and dedication of our team on the Jessica funds programmes will draw other international financial institutions into these very rewarding projects.”

“The partnership between Šiaulių bankas and EIB in the implementation of the Multi-apartment Building Modernisation Programme is one of the successful examples of how to create a sustainable multiplier effect to our limited public funds broaden the scope of our intervention on the Lithuanian economy by attracting private funds. The energy efficiency investments in residential housing translate into a more sustainable development of our economy, where more than half of the energy used for heating is presently being saved, the surroundings have become more pleasant and the quality of the air better. Definitely, this represents yet another step towards a more rational consumption of our natural resources,” said the Minister of Environment, Mr. Kęstutis Navickas.