Energy Efficiency and Renewable Sources Fund (EERSF)

Energy Efficiency and Renewable Sources Fund (EERSF)

Duration

2005 – ongoing

Recipients

Bulgarian enterprises, municipalities and private individuals

Managing body

Management board consists of 11 members

Volume of funding

  • BGN 13,500 – 400,000 at interest rate of 4% – 7%
  • BGN 400,000 – 1,350,000 at interest rate of 3.5% – 5.5%
  • Maximum duration 7 years

Own contribution

10%

Details

One of the best-performing specialised funds in Central and Eastern Europe, with a default rate of less than 1%; most of its projects are however in public buildings. Only one project has been realised in a residential building with multiple ownership; reasons include HOAs not being legal entities and competition from the grant schemes running in parallel (in the only implemented project, the contract for the full amount was concluded with one homeowner, who guaranteed the whole credit, and there were no state support programmes at that time).

The fund is, however, an excellent potential source of bridge financing complementary to subsidy schemes financed by the Operational Programme or the national budget due to its experience and technical capacity.

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