Setting a model for other countries to follow

FOCUS Information Agency in Bulgaria writes about an interview that Terry McCallion, Director for Energy Efficiency and Climate Change, at the EBRD gave on the success from the financing facility that was established in the country.

Bulgaria’s success in energy efficiency lending is a model for other countries

In an interview for Utilities monthly, Terry McCallion, Director of the European Bank for Reconstruction and Development (EBRD), commented on EBRD’s energy efficiency policy and energy efficiency in Bulgaria. Asked about the main goals of the BREECL (Bulgarian Renewable Energy and Energy Efficiency Credit Line), Mr McCallion said that it was to reduce Bulgaria’s energy intensity 10 years ago. One of EBRD’s main achievements was to create an integrated programme providing clients access to commercial financing, grants and technical aid at the same time. The success of this model in Bulgaria served as the basis for its successful implementation in other countries, too. Mr McCallion said he was impressed with the way Bulgarian banks adopted and supported a non-standard project. EBRD entered Bulgarian market 10 years ago but people that the bank started working with in 2004 are still interested in energy efficiency projects. The bank has granted more than EUR 643 million since 2006 for investments in energy efficiency in Bulgaria. Implemented projects amount to nearly EUR 2.4 billion. EBRD manages financial instruments for energy efficiency in other Central and Eastern European countries.

EBRD launched a new credit line model for Bulgarian business. Its goal is to make Bulgarian business and households more energy efficient and replace the four old power units of Kozloduy NPP with renewable energy sources. BREECL was launched in 2004. It combines EUR 155 million from EBRD, granted by eight partner banks, and grant funding of EUR 35.2 million by International Fund Kozloduy.