Nordic green institution allocates €6.5 mln to improving Georgian highland schools’ energy efficiency

The Nordic Environment Finance Corporation, an international finance institution working on green transition, has allocated €6.5 million to Georgia in support of energy efficiency in the country’s mountainous regions, the Georgian Finance Ministry announced on Wednesday. 

The deal will help save energy at schools in the mountainous regions, improve energy efficiency, reduce utility costs and their environmental impact, the national body revealed.

The Ministry said €3.9 million of the project’s capacity would be allocated as a loan and €2.6 million as a grant, with the initiative aiming to modernise energy efficiency in public buildings, improve environment for school classes through “versatile renovation”, and support overall energy transition.

In comments on the move, the Ministry said it expected “significant improvements” in energy efficiency, landscaping and other related aspects from the deal, signed between the Georgian Finance Minister Lasha Khutsishvili and Trond Moe, the Managing Director of Nefco earlier today. 

Nefco said the project was financed by a €1.87 million grant of the Eastern Europe Energy Efficiency and Environment Partnership, with the European Union and Sweden being the largest contributors. 

Nefco first implemented an energy-efficiency project in Georgia between 2018-2021 through a renovation of 26 public buildings across the country.