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Some achievements so far

Loans so far  MUSD:  10.7 M
Annual energy savings: 233,539 MWh/y
Tons of CO2 reductions: 112,544 t/year

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About us > Some achievements to date

Some achievements to date

With USD 27 M committed, EnergoCredit gets 3rd extension
 
With the first tranche of USD 35,000 almost fully committed, on January 2011 the EnergoCredit technical support project got a third 18-month extension.
To date EnergoCredit has developed 35 industrial projects. Of these, 13 - worth USD 80 million in total - have been successful so far. While the number of loans has been fewer than anticipated, the average loan size is significantly larger. As befitting the investment climate, a conservative 33% of these projects, or almost USD 27 M, was funded through Energocredit loans. The loan recipients funded the rest.
Concerns about the unprecedented global and banking crisis or company viability were the main reasons the other projects have not gone ahead, or have been postponed.
 
Breakdown of loans by sector
Investment in small refurbishments of hydro power plants has been the biggest category of investment to date, reflecting concern about security of supply as well as the potential in Georgia to cut costs by tapping into hydro capacities. The food and agricultural industry came a close second, accounting for 30% percent of all loans. There is also much need to improve the basic infrastructure, and Energocredit has recently approved projects both in telecommunications and the water utility sector.
The need to improve the energy efficiency of commercial buildings and to improve warehousing/ cold storage facilities resulted in loans worth 7% and 5% respectively. Only manufacturing has been very much underrepresented to date.
 
Achievements in terms of categories of loans
As indicated below, renewable energy projects account for some 51% of projects to date (the projects in the agricultural sector were biogas projects).

However, loans to improve energy efficiency in industry account for close to 37%.
Investments to improve the energy efficiency of commercial buildings made up the rest.
 
Pay back periods
Despite the currently low cost of energy in Georgia relative to international prices, all loans provided will pay back entirely from savings (SPB) in a maximum of 8 years. Some will pay back in just over one year.It is also important to point out that energy savings is only one of the benefits of the projects.
All of the projects funded involved long overdue upgrades in processes and technologies to provide better quality outputs and services.

 

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