GGF PARTNERS WITH TOTAL LEASING & FINANCE TO SUPPORT ENERGY EFFICIENCY INVESTMENTS IN MOLDOVA

GGF PARTNERS WITH TOTAL LEASING & FINANCE TO SUPPORT ENERGY EFFICIENCY INVESTMENTS IN MOLDOVA

 

  • ICS Total Leasing & Finance will launch dedicated lease and loan products to foster investments in energy efficiency (EE)

  • EE measures financed with the GGF loan are projected to result in primary energy savings of approx. 16,600 MWh and CO2 emission reductions of approx. 3,600 tons annually

 

Luxembourg and Chișinău, 9 March 2016 – The Green for Growth Fund, Southeast Europe (GGF) signed a EUR 2 million senior loan facility with ICS Total Leasing & Finance S.A. (TLF), one of the largest non-banking financial institutions in Moldova. The credit facility provided by the GGF along with targeted support through its Technical Assistance Facility will enable TLF to provide EE financing solutions to both existing and new clients, enabling them to improve overall efficiency and competitiveness.

Given the country’s difficult economic situation and the importance for local SMEs and individual entrepreneurs to reduce energy consumption and achieve efficiency gains, while increasing business competitiveness and productivity, TLF is highly committed to providing green financing. Thus, the GGF funding will be used to finance much-needed EE measures, ranging from improvements of housing envelopes to the replacement of energy‐inefficient and outdated machinery and equipment. To this end, TLF will build on its strong market position and well-established partnerships with equipment and machinery suppliers, supporting businesses across different economic sectors from agriculture and trade to manufacturing and services.

“SMEs in Moldova operate in a challenging economic environment. This makes it even more important for them to reduce energy costs,” said Christopher Knowles, Chairman of the Green for Growth Fund, Southeast Europe. “Investments in EE measures will therefore help stabilize their overall situation.”

“Bearing in mind that Moldova depends on imported energy resources and, at the same time, given the strong negative impact the traditional energy sector has on the climate change, Total Leasing and Finance sees the future in the energy efficiency products. Therefore, by contracting the facility dedicated to financing EE technologies, our aim is to adhere to the best practices in this sector and encourage our customers to implement energy efficient measures,” General Director of Total Leasing and Finance, Angela Gladei, added.

Click here to download the press release


ABOUT THE GREEN FOR GROWTH FUND, SOUTHEAST EUROPE (GGF)

The Green for Growth Fund, Southeast Europe (GGF) is dedicated to enhancing energy efficiency and fostering the use of renewable energy sources in Southeast Europe, including Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo*, Montenegro, Serbia, and Turkey as well as in the nearby European Eastern Neighbourhood region comprised of Armenia, Azerbaijan, Georgia, Moldova and Ukraine. The GGF provides refinancing to financial institutions for on-lending to enterprises and private households seeking to finance energy efficiency projects. The GGF also invests directly in small to medium-scale renewable energy projects. To maximize the impact of the Fund’s investment activities, the GGF’s Technical Assistance Facility offers capacity building support to local financial institutions and partners. The GGF was initiated as a public-private partnership in December 2009 by the KfW Development Bank (KfW) and the European Investment Bank (EIB) with the financial support of the European Commission, the German Federal Ministry for Economic Cooperation and Development (BMZ), and the European Bank for Reconstruction and Development (EBRD). Its growing base of committed investors comprises donor agencies, international financial institutions and institutional private investors, such as the International Finance Corporation (IFC), the Netherlands Development Finance Company (FMO) and the Development Bank of Austria (OeEB). The GGF, registered under Luxembourg law as a SICAV (variable capital investment company), is privately managed by Oppenheim Asset Management Services S.à r.l., Luxembourg, in concert with the investment advisor, Finance in Motion GmbH, Frankfurt/Main, Germany supported by its technical advisor, MACS Management & Consulting Services GmbH, Frankfurt/Main, Germany. For more information: www.ggf.lu

* This designation is without prejudice to positions on status, and is in line with UNSC 1244 and the ICJ Opinion on the Kosovo Declaration of independence.

About Total Leasing & Finance

Founded in 2006 by Emerging Europe Leasing and Finance (EELF -75%) and Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V. (FMO -25%), Total Leasing & Finance S.A. is the first 100% foreign-owned leasing company in Moldova. TLF’s authorized capital totals MDL 38.99 million and as at year-end 2015, its gross portfolio accounted for EUR 20.4 million. 

Though TLF was initially created as a pure leasing company, in 2010, after having acquired the necessary know-how and built a team of experienced staff, the company started to provide loan financing to business clients. TLF’s general financial services are oriented towards both enterprises and individuals, while its loan business focuses on SME clients.

From this setup, TLF has grown in terms of both volume of activity and range of products, ensuring a well-balanced credit risk and profitable portfolio. 

Since its founding a decade ago, TLF has received funds from seven international financial institutions. In particular, it obtained three credit facilities from DEG, three from FMO, and two loan agreements were signed with Oikocredit and BSTDB, respectively. The company also obtained financing from EBRD, EELF and responsAbility. In addition, TLF diversified its funding through established collaborations with a number of reputable lenders on the local market. 


Media contact GGF

Xenia Tendyck

Phone: +49 (0)69/271 035-320

E-mail: press@ggf.lu

Media contact Total Leasing & Finance

Ghenadie Lavric 

Phone: +373 22 253050

E-mail: glavric@tlm.md

  • Go to top
  • Print