In 2010 BEEF performed 92% of its annual target for financing energy efficiency project yet at the end of July

For the period of 5 years from its establishment, The Energy Efficiency Fund (BEEF) credited energy efficiency investments with nearly BGN 24 million

From the beginning of its activity in 2005 till now, The Energy Efficiency Fund (BEEF) has contributed altogether 116 energy efficiency investment projects through credits and guarantees as the total amount of investments reached approximately BGN 56 million. The allocations for the past 5 years in the form of credits to municipalities, companies, hospitals and universities amount to BGN 23.3 million.

The greatest number of credits are given to municipalities – altogether 39 credits for implementing energy efficiency measures. 35 credits are given to medium and small enterprises and 11 credits – to hospitals and universities. For the period 2005 – at present BEEF has provided altogether 31 projects with the total amount of BGN 21.8 million.

For the past 5 years, the operative management of BEEF has been executed by the Fund manager-selected through international selection procedure in 2005- the consortium Econoler-EnEffect-Elana (EEE), which consists of the Canadian consultancy company Econoler International, the Bulgarian center for energy efficiency EnEffect and Elana Holding. From BEEF establishment till now, the World bank as its prime donor, appraised BEEF as the best practice institution in financing energy efficiency, in whose model similar funds are established in other countries.

Till the end of July 2010, BEEF has fulfilled its annual target by 92% in contributing energy efficiency project through credits or guarantees, as financed or guaranteed investment initiatives are in the amount of BGN 11.7 million. There are funded projects through 8 credits in the total amount of BGN 2.06 million, as there are 8 projects guaranteed in the amount of 9.6 million. During the first half of 2010 BEEF’s main priority is contribution to projects through guarantees, which allowed full utilization of the resources to guarantee investments in energy efficiency, granted by the World Bank.

The executive director of BEEF, Mr. Dimitar Doukov stated: “The interest in performing energy efficiency measures increased significantly over the past five years. We expect this tendency will intensify due to municipalities and citizens as representatives and owners of multifamily buildings. The economic crisis has further underlined the advantages of optimizing the energy costs. In the future, with the opportunities of granting under Operation “Residential Policy” of OP “Regional development” we can expect demand for support from BEEF for bridge financing or for providing the required own financial contributions to residential buildings rejuvenation projects.

About BEEF:

BEEF is the only financial institution specialized in financing energy efficiency projects. BEEF was established in 2005 through the Energy Efficiency Act as an entity, independent from government institutions. The operative management of BEEF is carried out by selected through international tender fund manager – the consortium Econoler-EnEffect-Elana (EEE), which consists of the Canadian consultancy company Econoler Interantional, the Bulgarian center for energy efficiency EnEffect and Elana Holding.

The initial capitalization of BEEF is entirely with grant funds, its major donors being: the Global Environment Facility through the International Bank for Reconstruction and Development (the World Bank), the Government of Austria, the Government of Bulgaria and private Bulgarian companies. In the middle of 2006, the World Bank announced BEEF as the best start-up fund in Eastern Europe. Later the same year, the Agency for Energy Efficiency awarded BEEF as the best specialized institution for financing energy efficiency projects. And in 2007 BEEF was distinguished by the World bank as institution with “best practice” in energy efficiency financing.