Financed ProjectsRalfi 2 - Energy Efficiency Financing

Identification Code:

OP/21/0003

Total Operation Cost:

10.000.000

Maturity:

36 months

Operation Status:

Description and Purpose of the Operation:

The Energy Efficiency Financing Facility will support Ralfi’s activities and diversify its funding sources. The proceeds of the EEF shall be used by the Borrower exclusively for the purpose of financing new energy efficiency loans with beneficiaries satisfying the eligibility criteria of the Bank.

Countries of Operation:

Romania (100,00 %)

Financial Product:

SME's

Sector:

Financial Institutions

Domain:

Private

Borrower/Client:

Ralfi IFN S.A. (currently operating under the commercial and trading name "Garanti BBVA Consumer Finance") is a non-bank financial institution incorporated in Romania since 1997 that provides consumer finance, having developed a solid client portfolio and a national presence. It is part of the financial-group Garanti BBVA Romania, which brings together also Garanti BBVA and Garanti BBVA Leasing. Garanti BBVA Group Romania is held by Garanti BBVA Turkey (TGB), whose majority shareholder is the Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA).

Co-Financiers/Participants:

n/a

Guarantors/Sponsors:

n/a

Developmental and Regional Cooperation Impact:

The Project is expected to have favorable economic benefits for the Romanian economy, the most relevant being potential future savings from less expenditure on energy and additional tax revenue gains and employment opportunities during the process of implementation of the project. However, in the long term it is likely that tax benefits might decline as less fuel will be consumed. Nevertheless, less consumption of fuels will likely have far more benefits to Romanian economy as it will free some energy resources for use in other sectors. The regional cooperation element is likely to be absent, unless some parts/materials to be used in the process are imported from the BSEC member countries.

Environmental Classification and Impact (summary):

The proposed energy efficiency facility will however impact positively on the energy use of households and is expected to improve their environmental footprint and performance. All transactions to be financed under the loan shall be subject to BSTDB’s Environmental and Social Policy.

Operation Leader:

Financial Institutions I

E-mail:

fi1@bstdb.org