The REECL Facility provided loans for energy efficiency home improvements
To help Bulgarian households reduce their energy bills and consumption the European Commission, the European Bank for Reconstruction and Development, and the Bulgarian Ministry of Energy had developed a € 20 million Residential Energy Efficiency Credit (REECL) Facility to provide credit lines to reputable Bulgarian banks to make loans to Individuals, Association of Apartment Owners or Service Providers (Housing Management Companies, Energy Service Companies, Developers and Construction Companies) for specific energy efficiency measures including double-glazing; wall, floor, and roof insulation; efficient biomass stoves and boilers; solar water heaters; efficient gas boilers and gasification installations; heat pump systems; building-integrated photovoltaic systems; heat-exchanger stations and building installations; balanced mechanical ventilation systems with heat recovery; and energy efficient lifts.
The borrowing households benefited from incentive grants
To help stimulate the uptake of residential energy efficiency projects, an additional grant financing was earmarked in support of project development and incentive grants paid to REECL borrowers after verification by an independent consultant that each eligible residential energy efficiency project has been completed. Borrowers were benefiting from a 15% incentive towards the cost of the eligible energy saving projects in one or two family houses and up to 15 % in multifamily buildings with more than three dwellings subject to the terms and conditions of the REECL.
The grant financing came from the Kozloduy International Decommissioning Support Fund (KIDSF), set up in the year 2000 with contributions from the European Commission, EU member countries, and Switzerland. KIDSF financially supports the early decommissioning of units 1-4 of Kozloduy Nuclear Power Plant. KIDSF also supports energy sector initiatives associated with the decommissioning effort, such as improving energy efficiency in Bulgaria.
REECL Project Office ensured the integrity of the REECL operation.
The REECL Project Office team had been retained by the EBRD after a competitive international tender in accordance with the EBRD procurement rules. REECL Project Office operated in line with the REECL procedures/policies to:
- Ensure that the technical criteria of the REECL facility are clearly defined, consistently applied and updated;
- Enhance the implementation of the REECL facility so that potential borrowers are properly advised of the eligibility requirements and loans are processed according to REECL facility procedures;
- Establish an efficient tracking, monitoring and reporting system to ensure accurate data and standard forms are utilised; and
- Ensure that grant funding is applied consistently in line with the eligibility criteria and is supported by an appropriate level of validation, to avoid misuse of the grant.
To carry out its activities, the REECL Project Office may have requested additional information, detailed designs, certificates and proofs of conformity/claims from Installers and/or borrowers in line with the REECL procedures/policies.
The REECL Facility funds were limited
The REECL loans and incentive grants were available to REECL borrowers until 31 August 2019.