Green for Growth Fund, Southeast Europe (f. SEE En. Eff. Fd.

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 40986

Status Repaying

Location

Regional

Business Sector

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Project ID 40986

Status Repaying

Location

Regional

Business Sector

Notice Type

Private

Environmental Category

Approval Date

15 Dec 2009

Disclosure date

06 Nov 2009

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

The EBRD is considering providing an equity investment of up to €25 million in the Southeast Europe Energy Efficiency Fund (“the Fund”) currently under development together with other IFIs including EIB and KfW as the sponsors of the Fund and in cooperation with the European Commission. The Fund will provide senior, subordinated and mezzanine finance mainly through local financial institutions to the Energy Efficiency sector in the pre-accession countries in the Balkan region (defined as: Croatia, Serbia, Bosnia and Herzegovina, Montenegro, FYR Macedonia and Albania) and Turkey. Targeted investors in the SE4F would be both public and private entities.

Transition Impact

The Project is expected to have the following sources of transition impact:

Broadening access to sustainable energy finance. The facility will significantly increase the availability, and therefore access to sustainable energy finance in the region, creating new products that allow actors to make small, uncomplicated energy efficiency investments that will contribute to reduced pollution, climate change mitigation, reduced energy bills, and increased energy security and comfort levels.

Demonstration effects of improved energy efficiency among Sub-borrowers. The Project will generate transition impact by demonstrating the benefits of energy conservation and promoting the expansion of energy efficiency and renewable energy lending in the energy inefficient Western Balkan economies and Turkey. The project will demonstrate the effects of rational energy utilisation for improving competitiveness in the light of the rising energy costs in the region.
Transfer of skills. The complementary nature of SE4F’s activities with existing EBRD facilities will result in a larger volume of sustainable energy financing available to the region, helping reach a sufficient mass to begin the long-term transformation of the lending market in this sector. The project is also expected to transfer and build additional expertise related to sustainable energy investment among banks, particularly in the area of assessing the risk and creditworthiness of clients for energy efficiency loans.

Contribution to climate change mitigation and energy security. The facility will contribute to reduced levels of energy consumption and increased production of renewable energy by the requirements applied to end-borrowers.

The Client

The Southeast Europe Energy Efficiency Fund will be set up in Luxembourg and its mission is to contribute to the development of a robust energy efficiency and sustainable energy market in the Western Balkan region and Turkey, predominantly by expanding and strengthening the provision of loans to finance Energy Efficiency projects through local financial institutions.

EBRD Finance

Equity investment of up to €25 million.

Project Cost

The total amount of the first closing of the Fund is expected to be up to €90 million.

Environmental Impact

Categorised FI (2008). This project offers significant environmental opportunities as it will contribute to the reduction of greenhouse gases. The Fund will be required to comply with the EBRD’s Performance Requirements 2 and 9. Investments financed by the Fund will be required to comply with national requirements for environment, health and safety and labour standards. The Fund will provide the Bank with an annual report on environmental and social matters.

Technical Cooperation

Technical cooperation will be provided to the on-lending local financial institutions and beneficiary companies. The TC will be funded by donor sources. The specific scope of the TC will be defined following the launch of the Fund.

Company Contact

Website: http://www.ggf.lu

Transition impact

ETI Score:60

PSD last updated

30 Sep 2019

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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