A webinar on “Financial Instruments for Energy Efficiency and Renewable Energy Sources” brought together over 170 participants at the BCCI and online. The event, organized by the Bulgarian Chamber of Commerce and Industry and its Investment Council, aimed to present financial investment products and banking financial products intended for the deployment of activities in the energy efficiency and renewable energy sources sector.

Vladimir Tomov, President of the Investment Council and BCCI Board of Directors Member opened the event. It featured funds, banks, insurance institutions and companies with successful practices.

Energy Efficiency and Renewable Sources Fund was presented by Galia Vassileva, Executive Director. She explained that the Fund finances activities to increase energy efficiency and energy production from RES for municipalities, corporate clients and individuals.

Energy efficiency measures include: thermal insulation and renovation of buildings; reconstruction of heating, ventilation, air conditioning, lighting, hot water systems; modernization of street lighting systems; investments to increase energy efficiency in industrial processes; small systems for combined production of heat and electricity (co-generations) and implementation of RES.

Energy Efficiency and Renewable Sources Fund offers direct loans, financing of ESCO projects and co-financing banks/grants. Examples were given for the financial products and the method of financing by ESCO contract, implemented with a loan from the Fund and an assignment contract.

Mrs. Vassileva explained what are the main requirements for the projects. The project must implement established, market-known technology. At least 50% of the economic benefits of the project are from verifiable energy savings. The volume of the investment should be from BGN 30,000 to BGN 3,000,000. The loan repayment term – up to 10 years. The minimum self-participation of the borrower – 10%. Financing of photovoltaic plants are eligible, on the condition they are for self-consumption.

As of December 2022, municipalities occupy the largest share of the total volume of EERSF’s portfolio – 50%. Corporate clients follow – 38%, and the rest – universities, hospitals, residential buildings, etc. – 12% of the size of the loan portfolio.