Energy Efficiency Project

The objective of the proposed project is to support a large increase in EE investment in Bulgaria through development of a self-sustaining, market-based financing mechanism. The project’s goal is focused on the development and implementation of financially profitable EE investment. GEF financing of some US$10 million will be sought to provide the seed capital for BEEF (US$8.8 million) and to fund the TA component (US$1.2 million). As BEEF seeks to make profit, investment financing and partial credit guarantees would be provided on commercial terms. The BEEF would be designed to attract a substantial amount of commercial co-financing (mostly by banks), in addition to a minimum of 20% contribution to project costs by the borrowers.