Donors’ Assembly (DA)

The Donors’ Assembly includes representatives of the main sources of financing of the Energy Efficiency and Renewable Sources Fund (EERSF):

• The Global Environment Facility (GEF);
• The Government of Bulgaria;
• The Government of Austria;
• Private donors and contributors.

The DA convenes at regular session every two years.
Regulation on the Operation Organization and the Activities of the Energy Efficiency and Renewable Sources Fund

Management Board (MB)

The MB is the primary governance body responsible for the overall strategic management of EERSF in compliance with its stated objectives and principles of operations.

According to the Article 85 (1) from EEA, the Management board consists of 11 members:

1. a representative of the Ministry of Energy, designated by the Minister of Energy;
2. a representative of the Ministry of Economy, designated by the Minister of Economy and Industry;
3. a representative of the Ministry of Environment and Water, designated by the Minister of Environment and Water;
4. a representative of the Ministry of Regional Development and Public Works, designated by the Minister of Regional Development and Public Works;
5. the Executive Director of the Agency;
6. six representatives elected by the Donors’ General Assembly as follows:
   • (a) a representative of non-governmental organizations active in global climate change risk reduction;
   • (b) three experts who have completed higher education in Economics and are experienced in energy project financing;
   • (c) an expert in energy efficiency who has completed higher technical education;
   • (d) an expert in renewable sources who has completed higher technical education.

The MB sessions are convened every month, upon formal invitation by the MB Chairman.

Management board members:

1. Ivailo Aleksiev, Chairman, SEDA
2. Nikolay Nalbantov, Member, Ministry of Energy
3. Desislava Petrova, Member, Ministry of Economy and Industry
4. Boriana Kamenova, Member, MOEW
5. Desislava Georgieva, Member, MRDPW
6. Ivan Hinovski, Member
7. Aleksandra Bozhanova, Member
8. Petya Dimova, Member
9. Venislav Tsanov, Member
10. Dora Tomova, Member
11. Vassil Petev, Member

Fund Manager (FM)

EERSF Fund Manager is the Consortium “Econoler-EnEffect-Elana” (EEE). The consortium is composed of the Canadian energy efficiency consultancy “Econoler International”, the Foundation “Center for Energy Efficiency EnEffect” and the non-banking financial institution “Elana Holding” PLC.

The FM is responsible for the entire day-to-day operation of EERSF and for implementation of the project cycle. Its main objective is to operate the Fund as a profit-oriented business in such a way that promotes EE investments and helps a sustainable EE market to develop in Bulgaria. The FM selects and applies the appropriate financing tools based on specific project circumstances and overall project portfolio management considerations.