European bank approves Balkans renewables financing program

The European Bank for Reconstruction and Development (EBRD) has approved a plan to establish a 50 million euro (US$62.3 million) Western Balkans Sustainable Energy Direct Financing Facility to provide financing for energy efficiency and renewable energy project development.

EBRD previously recruited consultants to market the facility and to verify completion of projects against set criteria and advise their eligibility for incentive payments. (HNN 8/13/08)

The facility is to provide financing to industrial energy efficiency and renewable energy projects in Albania, Bosnia and Herzegovina, Croatia, Macedonia, Montenegro, Serbia, and Kosovo.

Endowed with the 50 million euros, the facility would make individual loans between 1 million euros (US$1.2 million) and 6 million euros (US$7.4 million). The facility also will be supported by technical assistance of 5 million euros (US$6.2 million) for pipeline/project preparation, due diligence, and an institutional capacity building component.

Bank eyes extending Bulgaria renewables program

EBRD is considering a second extension of an energy efficiency and renewables program for Bulgaria that would be funded up to 55 million euros (US$68.6 million).

The EBRD program is intended to help Bulgaria finance private sector energy investments to mitigate for the reduced generating capacity resulting from a plan to decommission the 2,000-MW Kozloduy nuclear power plant. (HNN 11/29/07) Participating banks would lend money from EBRD to private firms to improve energy efficiency and to develop renewable energy projects including small hydro.

EBRD said discussions are under way with potential participating banks.


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