The Energy Efficiency and Renewable Sources Fund (EERSF) is initially capitalized entirely through grant financing – the main donors being the Global Environment Facility (GEF) through the IBRD (World Bank) – with 10 000 000 /ten million/ US Dollars, the Government of Austria – with 1 500 000 /one million and five hundred thousand/ Euro, the Bulgarian Government – with 1 500 000 /one million and five hundred thousand/ Euro and private Bulgarian donors: ENEMONA S.A. – BGN 200 000; DZI Bank (after the 1st of November 2007 – Eurobank EFG Bulgaria AD) – BGN 100 000; Lukoil AD – BGN 100 000; Brunata Bulgaria – BGN 1000; EVN Bulgaria EAD – BGN 50 000; Ena Optima Ltd. – BGN 1 000; Minev and partners Ltd. – BGN 1 000.
The Global Environment Facility (GEF), established in 1991, helps developing countries and countries with economies in transition fund projects and programs that protect the global environment and promote sustainable livelihoods in local communities. Since 1991, GEF has provided 6.2 billion US dollars in grants and generated over 20 billion US dollars in co-financing from other sources to support over 1800 projects that produce global environmental benefits in 140 countries. The official recipient of all the GEF grants in Bulgaria is the Ministry of Economy and Energy (MEE). Its contractual relationship with the World Bank (WB), one of the Implementing Agencies of GEF, related to these grants are set in the Global Environment Facility Trust Fund Grant Agreement (GA) which defines all rights and responsibilities of MEE towards this WB grant money. MEE transfered the above rights and responsibilities to EERSF through a subsequent document called Subsidiary Grant Agreement (SGA).
In the spirit of public-private partnership the Bulgarian Government participates with a single time government contribution through the Ministry of Economy and Energy (MEE).
The Republic of Austria, represented by the Federal Ministry of Finance, has agreed to make available to the MEE an amount of 1 500 000 Euro for the purpose of establishment and operating the EERSF as a self-sustaining, market-based financing mechanism for the development and financing of commercially viable energy efficiency projects and capacity building in Bulgaria.