DLA Piper advises on the agreement to support the Ukrainian energy efficiency fund

DLA Piper has advised Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH and the Energy Efficiency Fund (EEF) on the execution of the agreement between the International Finance Corporation (IFC) and EEF to provide grant assistance to homeowners' associations (HOAs) to co-finance the implementation of energy efficiency measures in multi-family buildings. The agreement contributes to energy savings and to the reduction of greenhouse gas emissions in Ukraine.

The EEF is the only state institution in Ukraine which, in accordance to the Law of Ukraine “On Energy Efficiency Fund", the Government of Ukraine has created in order to support energy efficiency initiatives, to implement incentive tools, and to support measures aiming to increase levels of energy efficiency in buildings and energy efficiency measures in the residential sector. This is done with due consideration for the National Plan of Energy Efficiency. It aims to reduce CO2 emissions to fulfil the Paris Agreement, to implement Acquis Communautaire of the European Union and Treaty Establishing the Energy Community, and to ensure Ukraine’s compliance with its international obligations in the area of energy efficiency.

The Fund’s mission is to bring Ukraine up to European levels of energy efficiency by reducing the level of energy consumption and СО2 emissions in the residential sector, thus achieving a decrease in the adverse impact on the environment. The EEF provides support in the form of grants to homeowners associations for the implementation of comprehensive technical solutions for energy-efficiency renovations in multi-family buildings, while factoring in the best European thermal modernization practices. The Fund’s activities are funded from the State Budget of Ukraine and supported by the EU and German government. The Energy Efficiency Fund Program is implemented in cooperation with the International Finance Corporation (IFC), Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH and the United Nations Development Program (UNDP).

The DLA Piper team advising on this project was led by Finance & Projects partner Oleksandr Kurdydyk, and included legal director Dmytro Pshenychniuk, and associate Anastasiia Zhebel.

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