OREANDA-NEWS. April 16, 2010. According to the Deputy Premier, the Minister of Economy Valeriu Lazar, the purpose of the bill, comprising all the best European practices in this area, is to create prerequisites for improving the efficiency of energy consumption in the country and reducing its losses, wider use of potential of renewable energy sources, implementation of programs and energy efficiency measures, development of capacities for energy production and fuel from the renewable sources. Valeriu Lazar said that the bill provides the establishment of the Energy Efficiency Agency through reorganization of the National Agency for Energy Conservation and Energy Efficiency Foundation.

The document also provides the development and implementation of specific programs to improve energy efficiency and renewable energy. The head of the Ministry of Economy stressed the importance of effective implementation of the law on the energy efficiency to strengthen the energy security of Moldova, taking into account that at present the economy of the republic is very much dependent on the imported energy and energy consumption is 3 times higher than in developed countries.

Valeriu Lazar noted that the Moldovan authorities and their development partners will provide financial support to those who would invest in the programs to improve energy efficiency and renewable energy sources, including the provision of concessional loans. He reminded that the European Bank for Reconstruction and Development has opened a credit line of EUR20 million for Moldova to finance energy efficiency projects within the Sustainable Energy Funding in Moldova (MoSEFF). MoSEFF is a special credit line for private Moldovan enterprises wishing to invest in energy efficient technologies and renewable energy.

This scheme is particularly relevant for Moldova, where the power tariffs are higher than in other CIS countries. Loans provided to the private Moldovan companies range from a few thousand euros to maximum 2 million euros. Each loan has a grant component (5-20% of the loan amount) for the successful projects. The size of the grant depends on the type of the selected technology and the level of energy savings achieved as the result of the project.