Following the initial USD 60 million framework facility launched in July 2007, and the first USD 40 m extension of the framework (CEEP II), the EBRD is considering a third extension of the framework (CEEP III) in the amount of USD 25m to meet the continuing demand for sustainable energy finance in the Caucasus region (Armenia, Azerbaijan and Georgia). The Bank would focus on extending credit lines to new Participating Financial Institutions, including banks, leasing companies and microfinance institutions (PFIs) for on-lending to private sector companies and individuals for energy efficiency investments, renewable energy projects and residential energy efficiency projects. Projects undertaken by the PFIs themselves are also eligible for financing.
In addition to the EBRD financing, the facility will be supported by a grant from the European Union’s Neighbourhood Investment Facility (EU NIF) and from the EBRD Shareholder Special Fund to fund incentives to sub-borrowers.
The Project will demonstrate the benefits of energy conservation through investments in rational energy use in the energy inefficient Caucasus economies. The project will transfer and build expertise in sustainable energy investments among participating financial institutions, end users and local experts. New financial institutions participating in the project will particularly build capacity in identifying energy efficiency investment opportunities, marketing such products, as well as assessing loan applications. Sub-borrowers will be trained to structure and review loan applications while local engineers will be trained to help both the banks and sub-borrowers.
The development of expertise within the PFIs is expected to result in the ability of the financial sector to continue such lending with diminishing levels of external support.
Local commercial banks, leasing companies and microfinance institutions in the countries of Armenia, Azerbaijan and Georgia will be eligible to participate.
USD 25 million.
USD 25 million from EBRD.
Categorised FI. Participating financial institutions will be required to comply with the EBRD's performance requirements 2 and 9 and submit annual environmental and social reports to the Bank, including reporting on sub-projects. Sub-projects will be required to comply with national standards for environment, health and safety and labour and, where relevant, EBRD E&S eligibility criteria for on-shore wind and small hydro projects.
Technical cooperation will be funded by the Austria-EBRD Regional (ETC) Energy Efficiency Program Fund and the EU NIF.
EBRD will engage a Project and a Verification Consultant. The Project Consultant will provide implementation support to PFIs, sub-borrowers and local experts, including: awareness campaign, pipeline development, energy audits to sub-borrowers and implementation support for sub-projects. An independent Verification Consultant will perform eligibility verification of sub-projects.
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