Bulgarian ESCO Fund (BEF)



Project number:


Business sector:

Manufacturing and Services

Notice type:


Environmental category:


Approval date:

20 Nov 2007



PSD disclosed:

05 Oct 2007

Project Description

Stage 1: The EBRD provided a loan of Euro 7 million to Bulgaria’s Fund for Energy and Energy Savings ((the “Company”) for the purchase of receivables under Energy Performance Contracts (EPCs) implemented in the period 2007-2009.

Stage 2: The EBRD is considering a loan of Euro 10 million to the Company for purchase of receivables under EPCs implemented in the period 2011-2012.

The finance of Stages 1 and 2 are enabling the Fund to develop the market for ESCOs (Energy Service Companies) and EPCs in both the industrial and public sectors including kindergartens, schools, hospitals and other municipal buildings.

ECSO contracts will be implemented primarily by Enemona AD, a Bulgarian engineering and construction company with main activities in the sectors of complex engineering, turn-key project implementation in the power sector, as well as energy efficiency services and electicity trading.

Transition Impact

The project transition impact will derive from the following key areas:

  • Supporting the development of a market for energy saving and energy efficiency measures in Bulgaria by providing long term financing;
  • Establishing a replicable model for the implementation of ESCO projects;
  • Encouraging private sector investors to develop ESCO contracts in Bulgaria and promote additional private sector financing of such projects.

The Client

The borrower is the Fund for Energy and Energy Savings , a joint-stock special investment company listed on the Bulgarian Stock Exchange. Enemona AD is the majority shareholder of the Company.

EBRD Finance

Stage 1: Senior loan of EUR 7 million to the Company.
Stage 2: Senior loan of EUR 10 million to the Company.

Project Cost

Stage 1: EUR 11.2 million.
Stage 2: EUR 11.5 million.

Environmental Impact

The Project has been screened as C/0. The proposed pipeline will result in energy efficiency gains and the projects will be structured to meet National and EU environmental standards. Some environmental impacts can be expected associated with the construction process, albeit based on the initial review these are unlikely to result in any significant impacts. The Fund will be required to provide an Annual Environmental, Health and Safety report to the Bank and implement environmental procedures.

Technical Cooperation


Company Contact

Prokopi Prokopiev, Chairman of the Board of Directors
Tel.: +359 2 8054880

E-mail: pdp@eesf.biz

Website: www.eesf.biz


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

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Text of the PIP

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