North Macedonian property developer reconstructs a student dormitory with energy-efficiency in mind

Property developer
North Macedonia
Thermal insulation, heating system
Investment Size
€ 1.2 m (loan of € 477,000)
Financial results
Payback of 4 years
Energy savings
3,930 MWh per annum
CO2 savings
2,160 tones per annum

VIA, a North Macedonian developer of residential and non-residential buildings was selected by the government to reconstruct one of the buildings of a student dormitory, ‘Goce Delcev’, located in Skopje. The developer saw an opportunity to lower energy consumption through some of the reconstruction activities and approached contacted a Partner Financial Institution to secure a WebSEFF loan.

The WebSEFF team performed the analysis of the investment, its technical-economic parameters and risks to make sure the investment leads to sufficient energy savings and reduction of CO2 emissions.

VIA secured a loan from WebSEFF that financed 38% (€ 477,000) of the total investment of € 1.2 million. As part of the WebSEFF loan, EU provided an incentive of € 47,000. The loan went towards implementing a number of energy efficient measures including the replacement of the existing windows and doors; application of thermal insulation to the roof and floors; replacement of heating system and lighting; replacement of elevators, refrigerators and cookers.

The investment resulted in annual energy savings of 3,930 MWh and annual reduction of CO2 by around 2,160 tones. The annual financial savings amounted to around € 113,700

This facility was developed by the European Bank for Reconstruction and Development (EBRD) and is supported by the EU and the Western Balkans Investment Framework (WBIF).