GrCF2 W2 -Public ESCO Serbia

exploratory

The Project consist of a sovereign loan to the Republic of Serbia in the amount of up to EUR 50 million to finance the implementation of energy efficiency ("EE") measures in multi-family residential buildings, which are connected to the district heating ("DH") system, located in up to 15 local self-governments ("LSGs") across Serbia (the "Project"), pre-selected based on a call for expression of interest to participate in the Project that the Ministry of Mining and Energy ("MoME") launched in 2022. The participating LSGs will launch the public calls for applications for the Homeowners Association ("HOA"), in line with specific pre-defined evaluation criteria, and the Project scope will be defined based on the priority list resulting from these calls. The priority will be given to the buildings with an above-average specific heat energy consumption as they have the greatest energy savings potential. The implementation of EE measures (insulation of building envelope, installation of thermostatic valves and heat cost allocators) is expected to result in energy savings of more than 35 per cent.