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eeef Annual Report 2015

Background Cluj-Napoca is one of the largest cities in Romania, with a population of over 300,000; the public transport is pro- vided by Ratuc, a company held by the City Council of Cluj. Ratuc owns a fleet of over 50 trolleybuses, most of them over 20 years old. Project description The company intends to renew its trolley- bus fleet; the project financed by Banca Transilvania consists of replacing five old trolleys with new Astra trolley- buses. The average electric consumption of the new trolleys is almost 50 % lower than the 3.4 kwh/km average electric consump- tion of the existing trolleys. The investment is supported by the City Council of Cluj. The project has an eco- nomic rationale – increasing the compa- ny’s profitability which will lead to few- er subsidies from the local budget – but it also has an important advantage in terms of mitigating climate change. The CO2 e emissions savings are predicted to be over 60%. FLEET MODERNISATION FOR A PUBLIC TRANSPORTATION COMPANY IN ONE OF ROMANIA‘S LARGEST CITIES Background Constructii Erbasu is one of the main Romanian construction companies, founded in 1991, with expertise in the construction of both residential and in- dustrial buildings. The company also has a good track record in the municipal sector with the reconstruction of roads and the renovation of sewer networks. Project description Constructii Erbasu is the leader of the association of construction companies that won the tender organised by the Bucharest District 6 Town Hall for the renovation of 273 blocks of flats. Most of the blocks of flats in Romania were built between 1950 and 1990 and RETROFIT OF RESIDENTIAL FLAT BLOCKS IN BUCHAREST, DISTRICT 6 Background Mies Energy and Lighting SRL is a com- pany offering street-lighting maintenance services, including electrical installation work. The company have secured the pub- lic tender to fully modernise the public lighting systems for two town halls, Ceanu Mare, Cluj County and Spring, Alba Iulia County. Both town halls are to the south of Cluj-Napoca. Project description Mies Energy have received a medium-term loan from BT of circa €130k to modernise the street-lighting systems in Ceanu Mare and Spring to the following specifications: STREET LIGHTING MODERNISATION FOR TWO TOWN HALLS Key figures Disbursement date 29 November 2013 Sub-loan size * €2,022,472 Estimated annual tCO2 e savings 301tCO2 e Estimated annual primary energy savings 1,431 MWh Key figures Disbursement date 20 November 2015 Sub-loan size * €132,758 Estimated annual tCO2 e savings 20tCO2 e Estimated annual primary energy savings 104 MWh Key figures Disbursement date 23 September 2013 Sub-loan size * €12,635,801 Estimated annual tCO2 e savings 15,105tCO2 e Estimated annual primary energy savings 62,220 MWh need insulation and the replacement of doors and windows. The building enve- lope improvements include insulation being added to the exterior walls, ex- terior joints, balconies, basements and terraces. Banca Transilvania financed this phase of the project by providing a non- recourse factoring limit of €12.6m from the eeef facility. Bucharest Town Hall, District 6, one of the largest Romanian town halls with a good financial stand- ing, is the assigned debtor. 50% of the investment is being financed by the na- tional budget, 50% by the local budget. Further investments Subsequently in 2015, Banca Transilva- nia continued to finance further phas- es of building retrofit projects with Constructii Erbasu. In 2015, a short- term loan was granted to Constructii Erbasu for approximately €4.5m for the building retrofit of 90 blocks of flats in Bucharest Districts 3 and 6. Ceanu Mare The current lighting program has 414 exist- ing lighting devices, 75% mercury lamps and 25% sodium lamps. Over 25% of the lamps do not have reflectors, which reduc- es efficiency. The project provides financ- ing to replace all the lamps with LEDs, with estimated energy reductions of over 40%. Spring Spring’s current lighting system includes 447 devices using mercury and sodium lamp technologies. The devices are over 20 years old. The project will replace all existing lamps with LEDs, with estimated energy reductions of over 75%. When combining both the estimated savings from both assets, a 67% total reduction in CO2 e and primary energy savings is estimated. * Calculated from Romanian Leu using up to date exchange rate. 2015 Activities Report: Investments 23