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
None.
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
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
Project Complaint Mechanism (PCM)
The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.
Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.
