REECL 3 (Bulgaria) Framework (2nd fwk extension)



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

25 May 2016



PSD disclosed:

17 Mar 2016

Sub-projects signed under this framework

Translated version of this PSD: Bulgarian

Project Description

The EBRD is considering a second extension of the Residential Energy Efficiency Credit Line ("REECL") Framework initially launched on the Bulgarian market in 2005. Under this extension ("REECL 3", "the Facility") the EBRD will provide credit lines to Participating Financial Institutions ("PFIs") in Bulgaria for on-lending to individuals, associations of apartment owners and privatelyowned service providers for energy efficiency projects in the residential sector.

Project Objectives

The proposed second extension is intended to continue the momentum gained by the REECL Framework to date and aims to address the need for further energy efficiency improvements in the residential sector.

Transition Impact

REECL 3 will contribute to transition by: (i) demonstrating best-available-technology energy efficiency products and comprehensive refurbishment in the residential sector, expanding and enhancing competition in the market for such products and services; (ii) developing financial intermediation with housing associations and service provider companies; (iii) building capacity within PFIs in the field of service provider companies financing and within service providers on the structuring of energy efficiency projects; and (iv) assisting Bulgaria in its efforts to decrease CO2 emissions.

Client Information

The clients will be privately-owned Bulgarian PFIs, which will on-lend the funds to individuals, associations of apartment owners and privately-owned service providers for energy efficiency projects in the residential sector.

EBRD Finance Summary

EUR 20,000,000.00

Senior loans of up to an aggregate of EUR 20 million to be allocated to PFIs in Bulgaria.

Total Project Cost

EUR 20,000,000.00

EBRD credit lines of up to EUR 20 million and grant funding in the amount of EUR 4.4 million.

Environmental and Social Summary

Categorised FI. All PFIs under this Facility will be required to comply with the Bank's Performance Requirements (PRs) 2, 4 and 9. PFIs which have expressed an interest in this extended facility are all existing clients of the Bank and are confirmed as being in compliance with the relevant PRs. Eligible sub-projects will be required to comply with the EBRD's energy and/or resource efficiency eligibility criteria. All PFIs will be required to submit annual environmental and social reports to the Bank.

Technical Cooperation

REECL 3 will be complemented by grant funding amounting to EUR 4.4 million from the Kozloduy International Decommissioning Support Fund ("KIDSF"), to provide (i) Investment Incentive payments to sub-borrowers and (ii) a comprehensive technical cooperation package to assist the preparation and successful implementation of the Facility by supporting PFIs and sub-borrowers in the areas of capacity building, marketing and project assessment and verification.

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

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Text of the PIP

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