Банкеръ Weekly

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ENERGY SAVING FUND TO START OPERATIONS IN EARLY JULY

The Bulgarian-Canadian consortium between Elana, N Effect, and Econoler is taking up the management of the Energy Efficiency Fund. The agreement was signed on June 21 by the Executive Directors of Elana and N Effect, Kamen Kolchev and Zdravko Genchev, and by Lyulin Radoulov, Chairman of the Managing Board of the financial structure. The agreement is valid for five years during which N Effect will implement the technical assessment of the projects applying for financing, the Canadian company will evaluate the risk and the effects from the saved emissions and energy, and Elana will rate their financial parametres.The manager will be paid fixed remuneration plus an additional amount in case of success depending on the profit of the fund, Tasko Ermenkov, Executive Director of the Agency for Energy Efficiency, explained.The new financial structure is scheduled to start operations on July 1. It will work on market principles based on the public and private partnership. The fund will finance projects for improving the energy efficiency in both industry and households, for improving the production and transportation heat-and-power supply network, as well as for renovation of the municipal installations. The loans will vary from BGN50,000 to BGN3MN and will be payable in three to five years. Apart from legal entities, associations of people living in a certain building will be eligible for the financing, too. The interest on the credits will be determined individually, depending on the characteristics of each project, Kamen Kolchev explained.The fund will start operating with the money launched by the World Bank Global Ecological Fund - USD10MN, and the BGN3MN provided by the Bulgarian Government. Additional EUR1.5MN worth assistance is expected from the Government of Austria, and EUR7.8MN will be donated by Switzerland. Experts in the Agency for Energy Efficiency forecast that the capitalization of the fund's resources will exceed USD40MN in four or five years.

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