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  • About VIPA
    • Governance
    • VIPA Covid-19 aid
  • News
  • Services
    • Loans for solar power plat installation
    • Loans for the renewal and development of higher education and vocational training infrastructure
    • PROJECT IDEAS
    • Renovation of Multi-Apartment Buildings
    • Energy Efficiency Financing Platform
    • Energy efficiency fund
    • Municipalities Buildings Fund
    • Cultural Heritage Fund
    • Water supply and wastewater fund
    • Municipality Grants
    • Repayable assistance
  • For Investors
    • National Promotional Institution
    • TIPS Investment Platform
    • Articles & Reports
    • Governance
  • INTERNATIONAL PROJECTS
    • Three Seas Initiative Investment Fund
    • Project for the development of pricing for loans and guarantees
    • PROJECT POWERTY
    • HORIZON 2020 PROJECT TRIPLE-A
    • HORIZON 2020 PROJECT CITIZEE
    • BUILD2LC PROJECT
    • PROJECT GUARANTEE
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  • 2023 01 17

    Gvidas Dargužas, CEO of VIPA: our achievements in 2022

    Gvidas Dargužas, CEO of VIPA The focus on sustainability and green energy in Lithuania continues to grow, as evidenced by the purpose of the projects financed by the Public Investment Development Agency (VIPA): in 2022, the largest part of our investments was in the renovation of buildings, the development of solar energy and other sustainable […]

  • 2023 01 12

    TIPS to finance street lighting modernisation project in Kaunas district

    Sustainable Resources Investment Platform or “Tvarių investicijų plėtros skatinimas” (TIPS) (English: Promoting Sustainable Resource Development), a JV established by the Public Investment Development Agency (VIPA) and European Energy Efficiency Fund (eeef), signed a loan agreement with UAB Venteos, which will implement, Kaunas district street lighting modernisation project. In summer 2022, Kaunas District Municipality entered into […]

  • 2023 01 10

    Survey results: consistent increase in VIPA customer satisfaction level in 2022

    Results of the survey conducted by the market research company Spinter Research have shown that customers of the Public Investment Development Agency (VIPA) are satisfied with the services provided by VIPA, and partners are particularly positive about the experience of their cooperation with the Agency. Results of the survey conducted in end-2022 showed that 91 […]

  • 2023 01 04

    VIPA’s Pricing Tool: Tailored Terms and Conditions and Faster Decision Making

    Public Investment Development Agency (VIPA) has been using the Pricing Tool for financial services and products for a year now. The Pricing Tool was developed with the substantial financial support of the European Union through the European Investment Advisory Hub (EIAH) following the EIAH call for proposals for delivery of investment advisory services by National […]

  • 2022 12 21

    EUR 9.5 million VIPA’s loan for a new biotechnology R&D building in Vilnius

    VIPA has signed the loan agreement under the promotional financial instrument “Installation of typical production buildings in free economic zones, industrial parks and other industrial areas”. The loan was granted to VšĮ Northtown Vilnius – Vilnius City Innovation Industrial Park operator developing a unique and innovative R&D investment space. The value of the project developed […]

  • 2022 12 13

    Environmental Projects Management Agency announced a call for applications for renovation of old muti-apartment buildings

    On 12 December, the Environmental Projects Management Agency announced a call for renovation (modernisation) of multi-apartment buildings, allocating EUR 100 million therefor. VIPA plans to provide loans to finance contractor works of renovation (modernisation) of multi-apartment buildings for applications submitted under this call. We plan to publish more detailed information about the conditions for granting […]

  • 2022 11 28

    Dealing with a challenge of energy prices: VIPA finances corporate investments in energy efficiency

    With the recent significant increase in energy prices, more and more organisations focus on improving energy efficiency. This not only helps control and reduce operating costs and increase productivity (and thus profitability), but also enhances resilience to energy price fluctuations, which, as we have seen this year, have occurred tens of times. However, economic indicators […]

  • 2022 11 08

    10 years of renovation of multi-apartment buildings by VIPA: 1,000 of multi-apartment buildings transforming the face of cities and the quality of life

    The renovation processes of multi-apartment buildings in Lithuania that have been carried out for more than 15 years, represent efforts of many public authorities to increase the energy efficiency of buildings and thus not only to reduce the heating bills of residents, but also to contribute to the reduction of the direct climate change effects. […]

  • 2022 10 13

    Solar capacity for sports and entertainment events: a powerful solar power plant was installed on the roof of Kaunas Žalgiris Arena

    From now on, Kaunas Žalgiris Arena will generate one third of its own electricity consumption – a 500 kW solar power plant installed on the roof of the building will produce energy for the needs of the arena. The installation of the power plant was financed by a loan from the capital funds of the […]

  • 2022 10 06

    VIPA loan of almost EUR 5 million for construction of four production buildings in Klaipeda FEZ

    VIPA has signed its first loan agreement under the promotional financial instrument “Installation of typical production buildings in free economic zones, industrial parks and other industrial areas”. The loan was granted to UAB Flex Start Two, which will construct four semi-detached production buildings with accompanying infrastructure in Free Economic Zone (FEZ) of Klaipėda. The value […]

  • 2022 10 05

    Representatives of Bank Gospodarstwa Krajowego shared their internal audits organisation experience with internal auditors of Lithuanian NPIs

    On 26-27 September, representatives of Bank Gospodarstwa Krajowego (BGK) visited VIPA. The visit was a complementary initiative to the cooperation developed under the Three Seas Initiative (3SI) Investment Fund. BGK’s Internal Audit Representatives shared with the Lithuanian National Promotion Institutions (NPIs) their experience in the area of internal control functioning and internal audit organisation. For […]

  • 2022 09 15

    VIPA starts providing additional funding for ongoing projects of modernisation of public buildings, allocating EUR 10 million

    On 15 September 2022, VIPA started providing additional funding for ongoing projects of modernisation of public buildings. EUR 10 million will be allocated under the Climate Change Programme from the State Budget of the Republic of Lithuania under the facility “Renovation of State-Owned Buildings (II)” to provide additional financing for projects that are already being […]

  • 2022 08 30

    VKC assessed the implementation of VIPA Strategy for 2021 at 100 %

    Each year, the Public Institution Valdymo koordinavimo centras (VKC) (Management Coordination Centre) prepares summary reports on the implementation of the operational strategies of state-owned enterprises (SOEs). In 2021, companies operating in the financial sector were the most successful in achieving their strategic objectives. VKC assessed the implementation of the Public Investment Development Agency’s strategy at […]

  • 2022 08 10

    The Platform TIPS Will Grant a Loan in the Amount of EUR 1.6 Million for Development of the New Solar Park

    The platform TIPS (Tvariųjų išteklių plėtros skatinimas) (Promoting Sustainable Resource Development) has signed the second solar park development loan contract with Solarbank UAB for financing of the solar park in Didžiasalis. It is the second solar park with the double acting solar models and the solar tracking system manufactured in Lithuania and meeting the sustainability […]

  • 2022 08 02

    TIPS financing opens opportunities for companies and organisations to increase energy efficiency

    As the prices of energy sources increase and the risks have significantly increased due to stable supply of energy sources, more and more companies revise their energy consumption habits and seek for more beneficial alternatives. Increasing energy efficiency has become one of the solutions for companies which consume a significant amount of energy. Targeted financing […]

  • 2022 06 27

    VIPA annual report 2021 summary

    Until the end of 2021, acting as a national promotional institution (NPI) VIPA established and is currently managing 17 active target funds, instruments and initiatives, having raised more than 800 million euros for them. More than 1100 projects have already been financed in various areas of public interest, including modernization of multi-apartment buildings, central government […]

  • 2022 06 15

    VAT building renovated from VIPA funds reached A+ energy efficiency class

    In May 2022, the modern administrative building of the Dignitary Protection Service of the Republic of Lithuania (VAT) opened its doors after reconstruction. The project was implemented under the State Asset Renovation Programme of Turto Bankas, also using the Energy Efficiency Fund (ENEF) of VIPA. The reconstruction of the building located at T. Ševčenkos Street […]

  • 2022 05 30

    VIPA starts providing loans for the construction of typical production buildings

    On 30 May 2022, the Public Investment Development Agency (VIPA) started providing loans for the financing of the construction of typical production buildings in free economic zones, industrial parks and other industrial areas of the Republic of Lithuania. EUR 41.4 million from the State budget of the Republic of Lithuania was allocated for the implementation […]

  • 2022 05 30

    Internal auditors of national promotional institutions from 7 European countries share experiences at VIPA hosted event

    On 26 May, internal auditors from national promotional institutions of the Three Seas Initiative (3SI) region countries visited VIPA. The visit was one of the events aimed at developing communication, sharing experiences, and insights among the institutions representing the 3JI member states. This is the 4th and first Lithuania meeting of the cooperation network of […]

  • 2022 04 19

    VIPA signs the largest loan agreement for a water management project: 1 456 residents will be connected to networks

    On 29 March 2022, the Public Investment Development Agency (VIPA) signed a water management project loan agreement with UAB Pabradės komunalinis ūkis. This is the largest loan for a water management project financed from VIPA capital. Having implemented the project, the plan is to connect 876 residents of the Pabradė agglomeration and the village of […]

  • 2022 04 07

    VIPA and eeef: Sustainable Investing at Work – How it Looks in Practice

    The European Energy Efficiency Fund (eeef) presents the first podcast on sustainable investments. The host Rahul Pratap Singh, eeef Investment Manager and special guest Asta Gladkauskienė, head of the Private Clients Department at VIPA, discuss the issues of energy efficiency project implementation and financing possibilities of the investment platform ‘Promotion of Sustainable Resource Development’ (TIPS), […]

  • 2022 03 17

    Sustainable Resources Development platform – JV of VIPA and eeef- will allocate 2.4 million euros for the development of the solar plant in Lithuania

    In January 2022  a solar plant development in Grikapalis in Lithuania loan agreement was signed with UAB Solarbank. Compared to the most modern gas-fired power plant in Lithuania, this solar plant will save 1 478 tons of CO2 equivalent per year by producing the same amount of electricity, and thus contributing to avoid the effects […]

  • 2022 02 07

    New Funding Opportunities for Sustainable Energy Projects

    A new investment platform “Tvarių išteklių plėtros skatinimas” (TIPS) (English: Promoting Sustainable Resource Development) for the funding of sustainable energy projects has been launched in Lithuania. The capital of this funding platform established by UAB Viešųjų investicijų plėtros agentūra (VIPA) (English: Public Investment Development Agency) in cooperation with the investment company European Energy Efficiency Fund […]

  • 2022 02 02

    VIPA will finance the construction of an A++ energy efficiency class dormitory of Klaipėda University

    In December 2021, the Public Investment Development Agency (VIPA) signed a loan agreement to finance the construction of a new dormitory of Klaipėda University (KU). A VIPA loan for the implementation of the project totals EUR 2 million. The project is financed under the Higher Education and Vocational Training Infrastructure (Buildings) Renovation and Development Facility […]

  • 2022 01 31

    Launch of a Single National Funder to Open up a New Level of Opportunities for the Development of Lithuania’s Public and Private Sector

    On 26 January, the ministerial meeting approved the consolidation of national promotional institutions (NPI) and provided further steps towards this objective. The ministers agreed to consolidate the following currently operating national promotional institutions: UAB Investicijų ir Verslo Garantijos (INVEGA), UAB Viešųjų Investicijų Plėtros Agentūra (VIPA), UAB Valstybės Investicijų Valdymo Agentūra (VIVA), UAB Žemės Ūkio Paskolų […]

  • 2022 01 12

    VIPA 2021 Year in Review

    <!doctype html>   Dear colleagues and partners, Thank you for a wonderful year and sincere cooperation in 2021. We can rejoice over the sustainable development of VIPA all together: we have successfully implemented the already started projects and created new ones, increased the scope of funding and created added value for Lithuania and its people. […]

  • 2021 12 31

    New VIPA’s organizational structure – for long-term development of operations

    The organizational structure of UAB Viešųjų Investicijų Plėtros Agentūra (VIPA) was updated in the first half-year of 2021. VIPA’s structural changes were initiated and implemented in accordance with the project “Support for the Organizational Capacity Building to the Public Investment Development Agency of Lithuania” funded by the European Commission’s Directorate-General for Structural Reform Support. The […]

  • 2021 12 22

    The first educational institution infrastructure project funded by VIPA has been implemented – a new building at the SMK is about to open for students in Kaunas

    The opening ceremony of the new building for the Kaunas campus of the College of Social Sciences was held on 17 December. The project was funded with capital from the Public Investment Development Agency (VIPA) under the measure “Renovation and Development of Higher Education and Vocational Training Infrastructure (Buildings)”. VIPA issued a loan of EUR […]

  • 2021 11 10

    VIPA presents a new financial instrument for the development of free economic zones, industrial parks and other industrial areas

    On 10 November 2021, UAB Viešųjų Investicijų Plėtros Agentūra (Public Investment Development Agency or VIPA) and the Ministry of Economy and Innovation of the Republic of Lithuania signed an agreement on the establishment and financing of the financial incentive measure “Installation of Typical Production Buildings in Free Economic Zones, Industrial Parks and Other Industrial Territories”. […]

  • 2021 10 11

    VIPA has established an investment platform for financing sustainable projects together with the European Energy Efficiency Fund

    UAB Viešųjų Investicijų Plėtros Agentūra (VIPA) invested in the limited partnership Tvariųjų Išteklių Plėtros Skatinimas (TIPS) (English: Promoting Sustainable Resource Development) together with the European Energy Efficiency Fund (EEEF) the main purpose of which is to finance sustainable investments, contributing to the mitigation of direct consequences of climate change. The new investor EEEF has invested […]

  • 2021 09 24

    The signing of the 1000th agreement on the renovation (modernization) of multi-apartment buildings

    On 23 September 2021, the 1000th agreement on the renovation (modernization) of multi-apartment buildings was signed by VIPA and UAB Utenos Butų Ūkis. Since 2013, VIPA has been disbursing loans for renovation (modernization) of multi-apartment buildings under the programme approved by the Government of the Republic of Lithuania, the aim of which is to reduce […]

  • 2021 08 04

    The European Bank for Reconstruction and Development has supported the improvement of energy efficiency in multi-apartment residential buildings in Lithuania

    The European Bank for Reconstruction and Development (EBRD) granted to UAB Viešųjų investicijų plėtros agentūra (VIPA) a loan of EUR 67.5 million to finance projects for the improvement of energy efficiency of multi-apartment residential buildings. The received EBRD loan will be used to finance projects of renovation of multi-apartment buildings that are already being implemented […]

  • 2021 02 01

    Lithuania has joined the Three Seas Initiative Investment Fund

    UAB Viešųjų Investicijų Plėtros Agentūra (VIPA) representing the state of Lithuania on behalf of the Government of the Republic of Lithuania has committed to invest EUR 20 million in the Three Seas Initiative (hereinafter – 3SI) Investment Fund (hereinafter – 3SIIF) and became its full-fledged member. The President of the Republic of Lithuania Gitanas Nausėda […]

2022 08 02

TIPS financing opens opportunities for companies and organisations to increase energy efficiency

As the prices of energy sources increase and the risks have significantly increased due to stable supply of energy sources, more and more companies revise their energy consumption habits and seek for more beneficial alternatives. Increasing energy efficiency has become one of the solutions for companies which consume a significant amount of energy. Targeted financing provided by the platform TIPS (Tvariųjų išteklių plėtros skatinimas) (Promoting Sustainable Resource Development) established by the Public Investment Development Agency (VIPA) in cooperation with the European Energy Efficiency Fund can be useful for this.

Saving of energy as a contribution to increasing energy independence

According to the European Commissioner Virginijus Sinkevičius, today more than 40 per cent of all energy consumed in the European Union is consumed for heating and cooling of buildings. Reducing dependency on the Russian gas, ensuring affordable energy prices to private customers and business entities can be done not only by searching for alternative gas suppliers or developing energy from renewable sources but also by increasing energy efficiency.

‘The cheapest energy is energy which is not used; thus, energy saving is the quickest and cheapest way to reduce the current energy dependency at the same time helping residents and business to reduce their energy bills. Precisely for this reason, the solutions increasing energy efficiency which are foreseen in implementation of the European Green Deal is the backbone of the real energy independence and stability of prices in the long term’, says the Member of the European Commission responsible for environment.

According to Virginijus Sinkevičius, the business community will have to make a considerable contribution to implementation of the Green Deal and increasing energy independence. ‘Its resolution to increase energy efficiency, willingness to use the European Union investments and private investments helping to save energy are necessary for implementation of the Green Deal and the most recent plans of the European Union to waive the Russian energy sources’, emphasises the European Commissioner.

Benefits of an energy efficiency audit

Enterprises can assess their energy performance by themselves by carrying out an energy audit. Major enterprises of Lithuania which have property (buildings, technological equipment or vehicles) are obliged to do this. Nevertheless, recently the need for an energy audit has increased among small and medium-sized enterprises; this is due to economic and geopolitical situation.

‘Energy audits are ordered by customers of three types: large enterprises for which such audits are mandatory, enterprises which seek for support under one of energy efficiency measures for which such audit is mandatory when submitting an application for funding and other enterprises for which energy costs has become a burden and which are not capable of finding ways to save only within their competences; it is especially felt today when the energy prices significantly increased’, says Gediminas Šilanskas, a representative of the independent engineering system design and energy efficiency consultancy company MEPCO.

Gediminas Šilanskas, a representative of the independent engineering system design and energy efficiency consultancy company MEPCO

Three types of energy audits are possible: audits of buildings, technological processes and equipment and vehicles. During the audits, information on the company’s activities, used types of energy/quantities of energy and costs is collected and analysed, technical and energy characteristics of equipment are established, CO2 emissions of the enterprise are calculated, finally, possibilities for reducing energy costs and energy ad emission reduction expenses are assessed, the recommendations for saving measures are put forward, an audit report is drawn up. The price of the audit depends on the type and scope of the audit and can amount from several thousand Euro to tens of thousands Euro.

‘An energy audit shows distribution of energy costs of the enterprise in a detailed and objective manner, allows to easier understand who are the main energy consumers, the things to which attention should be paid in order to optimise energy consumption. During an audit, we find inefficient places upon renovation of which performance and at the same time the profit increase. Besides, we find ways to save even in the enterprises which look orderly and modern at first sight’, Gediminas Šilanskas tells about the value of the audit.

According to him, an energy audit not only helps to reduce energy consumption, expenses of energy sources and its CO2 footprint and helps to obtain financing for implementation of the intended measures irrespective of whether in the form of “green” credits or financing of such platforms as TIPS.

Besides, enterprises with high electricity consumption, i.e. enterprises which consume more than 1 GWh electricity per year and successfully implement the energy efficiency measures provided for in the audit carried out every four years may recover a part of the paid public service price.

The audit allowed to find a way to increase competitiveness

An energy audit of Panevėžio stiklas AB which was carried out in 2017 and costed several thousand Euro allowed the company to assess the means which would allow to save energy and funds. On the basis of the audit, the company prepared a project and in 2018 obtained financing (in the amount of EUR 160,000, i.e. 80% of the total value of the project) from the Public Investment Development Agency (VIPA).

During the implementation of the project, the following energy efficiency measures were introduced: renovated lighting and use of waste heat for heating of the building allowed the company to save 8466 MWh energy per year and decrease costs. It is important to note that the audit and implemented efficiency measures also opened the possibility for the company to receive a part of earlier paid public service funds (around EUR 100,000) from BaltPool. The company used them for early repayment of the loan to the Public Investment Development Agency.

In continuation of the energy efficiency path, the company repeatedly addressed the Public Investment Development Agency (VIPA): recently, TIPS financing for the design of the solar power plant of Panevėžio stiklas AB has been approved. The value of the project is EUR 1.06 million including a TIPS loan in the amount of EUR 847,000 granted for 10 years. Upon implementation of the afore-mentioned project, ~1,5 MW capacity solar power plant will appear on five roofs of the industrial buildings of the plant. It is planned that it will generate about 1500 MWh electricity per year. Taking into account the current electricity prices, it has been estimated that the project will pay off in 3-4 years.

‘Glass industry is particularly energy source intensive; thus, energy performance was, is and will be very important to us and as the prices of energy sources have changed, the efficiency has become an issue of survival. We have set the main objective to replace all currently used energy sources with renewable sources. After construction of a solar power plant in the building, we can satisfy around 10% of the total amount of electricity consumed every year without burdening ESO networks’, says Gintaras Petrauskas, the General Manager of Panevėžio stiklas AB.

Gintaras Petrauskas, the General Manager of Panevėžio stiklas AB

The company of the company says that the TIPS loan was relevant in implementation of the solar power plant. The Public Investment Development Agency (VIPA) finances 80% of the total amount of the project; implementation of the project without the afore-mentioned financing would be complicated. As the prices of gas has inadequately increased since Q3 of the previous year, we finished the year 2021 at a loss. The banks operating in Lithuania provide financing in a particularly conservative manner where your profit (loss) account is negative at least for one year. Thus, the TIPS support is particularly important to us,’ discloses Gintaras Petrauskas.

The head of the Customer Support Department of the Public Investment Development Agency (VIPA) Asta Gladkauskienė is glad with continuous cooperation with Panevėžio stiklas AB. ‘We already have experience in financing their earlier energy efficiency project; thus, we are glad that the customer has returned to us. The company’s activities are close to the strategy and financing objectives of the Public Investment Development Agency (VIPA) because it is the largest glass processer in the region which receives even 50% of glass raw materials from crushed glass,’ says a representative of the Public Investment Development Agency (VIPA) operating the TIPS platform.

Asta Gladkauskienė, the head of the Customer Support Department of VIPA

TIPS financing for energy efficiency and development of green energy

Please note that enterprises of the public and private sector which are planning to implement projects in the field of energy efficiency and renewable energy sources may be eligible for financing in the amount of EUR 25 million. Financing is granted for solutions which increase energy efficiency and are intended for development of renewable energy sources.

TIPS platform may offer financing for the projects which are likely not to receive financing from the banking sector due to a high risk or unacceptable financing conditions. This may be renovation of technological processes and equipment with a view to saving energy and investment in modernisation of buildings, renovation of lighting, advanced heating, exposure, cooling, ventilation systems, solar power plants, solar parks etc.

As a rule, up to 80 per cent of the value of the investments of the project are financed under all three measures for the period of up to 10 years and the contribution of the borrower should be not lower than 20 per cent. For more information, please visit the TIPS page.

The investment platform “Tvarių išteklių plėtros skatinimas” (Promoting Sustainable Resource Development) (TIPS) started its activities at the beginning of 2022. The platform was established by the Public Investment Development Agency (VIPA) in cooperation with the investment company European Energy Efficiency Fund (EEEE). The main objective of the TIPS platform is promoting investments which may help to reduce the need for energy sources and grow its consumption efficiency and increase the supply of green energy.

The article was published on 28-07-2022 at the Business News portal

TIPS financing opens opportunities for companies and organisations to increase energy efficiency

As the prices of energy sources increase and the risks have significantly increased due to stable supply of energy sources, more and more companies revise their energy consumption habits and seek for more beneficial alternatives. Increasing energy efficiency has become one of the solutions for companies which consume a significant amount of energy. Targeted financing provided by the platform TIPS (Tvariųjų išteklių plėtros skatinimas) (Promoting Sustainable Resource Development) established by the Public Investment Development Agency (VIPA) in cooperation with the European Energy Efficiency Fund can be useful for this.

Saving of energy as a contribution to increasing energy independence

According to the European Commissioner Virginijus Sinkevičius, today more than 40 per cent of all energy consumed in the European Union is consumed for heating and cooling of buildings. Reducing dependency on the Russian gas, ensuring affordable energy prices to private customers and business entities can be done not only by searching for alternative gas suppliers or developing energy from renewable sources but also by increasing energy efficiency.

‘The cheapest energy is energy which is not used; thus, energy saving is the quickest and cheapest way to reduce the current energy dependency at the same time helping residents and business to reduce their energy bills. Precisely for this reason, the solutions increasing energy efficiency which are foreseen in implementation of the European Green Deal is the backbone of the real energy independence and stability of prices in the long term’, says the Member of the European Commission responsible for environment.

According to Virginijus Sinkevičius, the business community will have to make a considerable contribution to implementation of the Green Deal and increasing energy independence. ‘Its resolution to increase energy efficiency, willingness to use the European Union investments and private investments helping to save energy are necessary for implementation of the Green Deal and the most recent plans of the European Union to waive the Russian energy sources’, emphasises the European Commissioner.

Benefits of an energy efficiency audit

Enterprises can assess their energy performance by themselves by carrying out an energy audit. Major enterprises of Lithuania which have property (buildings, technological equipment or vehicles) are obliged to do this. Nevertheless, recently the need for an energy audit has increased among small and medium-sized enterprises; this is due to economic and geopolitical situation.

‘Energy audits are ordered by customers of three types: large enterprises for which such audits are mandatory, enterprises which seek for support under one of energy efficiency measures for which such audit is mandatory when submitting an application for funding and other enterprises for which energy costs has become a burden and which are not capable of finding ways to save only within their competences; it is especially felt today when the energy prices significantly increased’, says Gediminas Šilanskas, a representative of the independent engineering system design and energy efficiency consultancy company MEPCO.

[caption id="attachment_15664" align="alignnone" width="701"] Gediminas Šilanskas, a representative of the independent engineering system design and energy efficiency consultancy company MEPCO[/caption]

Three types of energy audits are possible: audits of buildings, technological processes and equipment and vehicles. During the audits, information on the company’s activities, used types of energy/quantities of energy and costs is collected and analysed, technical and energy characteristics of equipment are established, CO2 emissions of the enterprise are calculated, finally, possibilities for reducing energy costs and energy ad emission reduction expenses are assessed, the recommendations for saving measures are put forward, an audit report is drawn up. The price of the audit depends on the type and scope of the audit and can amount from several thousand Euro to tens of thousands Euro.

‘An energy audit shows distribution of energy costs of the enterprise in a detailed and objective manner, allows to easier understand who are the main energy consumers, the things to which attention should be paid in order to optimise energy consumption. During an audit, we find inefficient places upon renovation of which performance and at the same time the profit increase. Besides, we find ways to save even in the enterprises which look orderly and modern at first sight’, Gediminas Šilanskas tells about the value of the audit.

According to him, an energy audit not only helps to reduce energy consumption, expenses of energy sources and its CO2 footprint and helps to obtain financing for implementation of the intended measures irrespective of whether in the form of “green” credits or financing of such platforms as TIPS.

Besides, enterprises with high electricity consumption, i.e. enterprises which consume more than 1 GWh electricity per year and successfully implement the energy efficiency measures provided for in the audit carried out every four years may recover a part of the paid public service price.

The audit allowed to find a way to increase competitiveness

An energy audit of Panevėžio stiklas AB which was carried out in 2017 and costed several thousand Euro allowed the company to assess the means which would allow to save energy and funds. On the basis of the audit, the company prepared a project and in 2018 obtained financing (in the amount of EUR 160,000, i.e. 80% of the total value of the project) from the Public Investment Development Agency (VIPA).

During the implementation of the project, the following energy efficiency measures were introduced: renovated lighting and use of waste heat for heating of the building allowed the company to save 8466 MWh energy per year and decrease costs. It is important to note that the audit and implemented efficiency measures also opened the possibility for the company to receive a part of earlier paid public service funds (around EUR 100,000) from BaltPool. The company used them for early repayment of the loan to the Public Investment Development Agency.

In continuation of the energy efficiency path, the company repeatedly addressed the Public Investment Development Agency (VIPA): recently, TIPS financing for the design of the solar power plant of Panevėžio stiklas AB has been approved. The value of the project is EUR 1.06 million including a TIPS loan in the amount of EUR 847,000 granted for 10 years. Upon implementation of the afore-mentioned project, ~1,5 MW capacity solar power plant will appear on five roofs of the industrial buildings of the plant. It is planned that it will generate about 1500 MWh electricity per year. Taking into account the current electricity prices, it has been estimated that the project will pay off in 3-4 years.

‘Glass industry is particularly energy source intensive; thus, energy performance was, is and will be very important to us and as the prices of energy sources have changed, the efficiency has become an issue of survival. We have set the main objective to replace all currently used energy sources with renewable sources. After construction of a solar power plant in the building, we can satisfy around 10% of the total amount of electricity consumed every year without burdening ESO networks’, says Gintaras Petrauskas, the General Manager of Panevėžio stiklas AB.

[caption id="attachment_15665" align="alignnone" width="699"] Gintaras Petrauskas, the General Manager of Panevėžio stiklas AB[/caption]

The company of the company says that the TIPS loan was relevant in implementation of the solar power plant. The Public Investment Development Agency (VIPA) finances 80% of the total amount of the project; implementation of the project without the afore-mentioned financing would be complicated. As the prices of gas has inadequately increased since Q3 of the previous year, we finished the year 2021 at a loss. The banks operating in Lithuania provide financing in a particularly conservative manner where your profit (loss) account is negative at least for one year. Thus, the TIPS support is particularly important to us,’ discloses Gintaras Petrauskas.

The head of the Customer Support Department of the Public Investment Development Agency (VIPA) Asta Gladkauskienė is glad with continuous cooperation with Panevėžio stiklas AB. ‘We already have experience in financing their earlier energy efficiency project; thus, we are glad that the customer has returned to us. The company’s activities are close to the strategy and financing objectives of the Public Investment Development Agency (VIPA) because it is the largest glass processer in the region which receives even 50% of glass raw materials from crushed glass,’ says a representative of the Public Investment Development Agency (VIPA) operating the TIPS platform.

[caption id="attachment_15666" align="alignnone" width="701"] Asta Gladkauskienė, the head of the Customer Support Department of VIPA[/caption]

TIPS financing for energy efficiency and development of green energy

Please note that enterprises of the public and private sector which are planning to implement projects in the field of energy efficiency and renewable energy sources may be eligible for financing in the amount of EUR 25 million. Financing is granted for solutions which increase energy efficiency and are intended for development of renewable energy sources.

TIPS platform may offer financing for the projects which are likely not to receive financing from the banking sector due to a high risk or unacceptable financing conditions. This may be renovation of technological processes and equipment with a view to saving energy and investment in modernisation of buildings, renovation of lighting, advanced heating, exposure, cooling, ventilation systems, solar power plants, solar parks etc.

As a rule, up to 80 per cent of the value of the investments of the project are financed under all three measures for the period of up to 10 years and the contribution of the borrower should be not lower than 20 per cent. For more information, please visit the TIPS page.

The investment platform “Tvarių išteklių plėtros skatinimas” (Promoting Sustainable Resource Development) (TIPS) started its activities at the beginning of 2022. The platform was established by the Public Investment Development Agency (VIPA) in cooperation with the investment company European Energy Efficiency Fund (EEEE). The main objective of the TIPS platform is promoting investments which may help to reduce the need for energy sources and grow its consumption efficiency and increase the supply of green energy.

The article was published on 28-07-2022 at the Business News portal

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