Detailed Energy Audit

A necessary condition for a successful application with the Energy Efficiency and Renewable Sources Fund is the presence of a detailed energy audit allowing for an energy analysis and choice of energy saving measures.

The Project Cycle

1. Project identification (Project Developer)
2. Initial project screening (when necessary, EERSF/external consultancy company)
3. Completion of Initial Project Proposal (IPP) (Project Developer)
4. Submission of IPP and accompanying documents to EERSF (Project Developer)
5. Assistance in IPP and accompanying documents completion and improvement (EERSF)
6. Project appraisal and assessment (EERSF)
7. Formal decision for approval of EERS financing (EERSF)
8. Completion of negotiations for financing and disbursement of funds

Principal Eligibility Criteria

All energy efficiency projects approved and supported by the Bulgarian Energy Efficiency and Renewable Sources Fund (EERSF) should meet the following eligibility criteria:

• The project should involve the application of well-proven technology;
• The project cost should range between BGN 30 000 and BGN 3 000 000 although exceptions are possible if strongly justified;
• The equity contribution of the Project Developer should be at least 10%;
• The repayment period is up to 10 years.