The Green for Growth Fund – GGF joined the EBRD in providing a senior loan of $ 100 million to Novus to finance the construction of energy efficient supermarkets and the first green distribution center in Ukraine.
The Green for Growth Fund (GGF) last year contributed $ 20 million to a $ 100 million senior loan organized by the European Bank for Reconstruction and Development (EBRD) to the Ukrainian food retailer Novus, to finance the construction of new supermarkets and the first distribution center in the country in accordance with the principles of the Building Research Establishment (BREEAM) environmental assessment method for the construction of environmentally friendly buildings.
The transaction is the fund’s first corporate investment in Ukraine.
Energy efficiency of Novus supermarkets will be 40% higher than requirements in Ukraine
Novus is one of the largest food distribution networks in the capital and the Kiev region. The new facilities are expected to have an energy performance improvement of more than 40% compared to the minimum requirements set by the Ukrainian certification system, GGF said.
In addition, Novus intends to implement energy management and monitoring systems on new facilities. The projects involve energy efficient design of equipment, such as refrigeration systems with heat recovery for the production of hot water and heating and air conditioning systems, which include the use of heat pumps, cooling units. cold source inverter, heat recovery and free cooling systems.
GGF supports the company in its sustainable development strategy, overhaul of equipment
In addition to the investment, GGF’s technical assistance facility will help Novus develop a comprehensive sustainability strategy for the company. In addition, the facility will support Novus as part of a refrigeration equipment refurbishment plan, focused on replacing existing equipment with more energy-efficient equipment based on Freon technology and ammonia-free refrigeration, which is a novelty in the Ukrainian food retail market, the fund added. .
Novus to introduce Freon technology and ammonia-free refrigeration
âWe are delighted to participate in this transaction with the EBRD as we believe that Novus can play a critical role in greening the food distribution segment in Ukraine. We are also delighted that, through our technical assistance mechanism, we can further support Novus’ sustainability agenda, âsaid GGF President Olaf Zymelka.
Novus Ukraine Managing Director Mark Petkevich said the company aspires to become one of the most forward-looking and green retail chains in the country.
âWe are very pleased that GGF is joining the EBRD in promoting modern retail and logistics standards, with the construction of the country’s first green distribution center in the capital, Kiev, and new stores across the country, âsaid Christian Kleboth, director of loan syndications at the bank. .
The Green for Growth Fund invests in measures designed to reduce energy consumption and CO2 emissions and improve resource efficiency. It directly finances renewable energy projects, companies and municipalities or indirectly through selected financial institutions.