The FINANCIAL — The city of Chernivtsi in Ukraine is undergoing large-scale street lighting refurbishment thanks to EU support, which should be completed by the end of 2020. Chernivtsi’s streets will be equipped with modern LED lights, and as a result, the city will become more energy efficient and will save about UAH 5 million (around €150,000) a year.
The secretary of Chernivtsi City Council, Vasyl Prodan, said:
“The project is important since it does not only bring comfort to Chernivtsi residents, but also brings immediate savings since the very first day of installation. Certainly, this encourages business activity, and the city residents’ mood is better, investors are willing to come here since there is infrastructure in place and you cannot calculate what dividends this will bring in the future.”
The project is part of the EU-supported initiative ‘Covenant of Mayors – Demonstration Projects’. The cost of the project exceeds €1.5 million of which €330,000 are provided by the City Council and the rest is covered by the EU.