Selecting appropriate financial instruments to deploy structural funds on energy efficiency and building renovation

Selecting appropriate financial instruments to deploy 2014-2020 structural funds on energy efficiency and building renovation WGR 4.4 Core theme 4 Wor...
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Selecting appropriate financial instruments to deploy 2014-2020 structural funds on energy efficiency and building renovation WGR 4.4 Core theme 4 Working Document Elodie Trauchessec - ADEME, FR Karen Strandoo - Energy Saving Trust, UK Krisztina Ligetvári - ÉMI Non-profit Lld., HU Date: 22 October 2014

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Contents 1

Abbreviations

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Introduction

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3

Answers from the questionnaire

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4 Technical Guidance on Financing the Energy Renovation

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of Buildings with Cohesion Policy Funding – Final Report

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New requirements on Operationnal Programmes regarding

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Energy Efficiency for 2014-2020 6

Supports for financial engineering

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1 Abbreviations Table 1: Country codes for the Member States

Table 2: Miscellaneous abbreviations

Country code

Member State

Abbreviation Full text

AT

Austria

CA EED

BE

Belgium

BG

Bulgaria

CY

Cyprus

CT

Core Theme

CZ

Czech Republic

EASME

Executive Agency Small and Medium Enterprises

DE

Germany EBRD

European Bank for Reconstruction and Development

EC

European Commission

EE

Energy Efficiency

EED

Energy Efficiency Directive

EESI

European Energy Service Initiative

ELENA

Joint European Support for Sustainable Investment in City Areas

CA ESD

Concerted Action for the Energy Efficiency Directive Concerted Action Energy Services Directive

DK

Denmark

EE

Estonia

EL

Greece

ES

Spain

FI

Finland

FR

France

HR

Croatia (candidate country)

HU

Hungary

IE

Ireland

EIB

European Investment Bank

IT

Italy

ESCO

Energy Service Companies

LT

Lithuania

ESIF

European Structural and Investment Funds

LU

Luxembourg

EPC

Energy Performance Contract

LV

Latvia

ERDF

MT

Malta

European Regional Development Fund

NL

Netherlands

ESI Funds

European Structural and Investment Funds

NO

Norway

EU

European Union

PL

Poland

IEE

Intelligent Energy Europe

PT

Portugal

FI

Financial Instruments

RO

Romania

SE

Sweden

SI

Slovenia

SK

Slovakia

UK

United Kingdom

JEREMIE JESSICA MA

Joint European Resources for Micro to Medium Enterprises Joint European Support for Sustainable Investment in City Areas Managing Authority 3

MS

Member States

NCP

National Contact Point

OP

Operational Programme

PA

Partnership Agreement

PM

Plenary Meeting

RES

Renewable Energy Sources

SME

Small and Medium Enterprises

WG

Working Group

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2 Introduction WG 5-3 under CA ESD (the Cyprus meeting) examined the use of European financing sources including structural funds in combination with national schemes for energy efficiency under the previous structural fund period. For 2014-2020 Member States have prepared new Operational Programmes under new guidance requiring an increased proportion of funds to be directed towards the low carbon priority area. These new Programmes are likely to go live from autumn of 2014 onwards, so it is timely to examine opportunities to direct any new finding allocations towards energy efficiency and building renovation. With this in mind, in February 2014, the European Commission published guidance on financing the 1 energy renovation of buildings with cohesion policy funding . This guidance provides a list of good practice approaches and case studies and informs structural fund managing authorities about European requirements on buildings and energy efficiency. It also explores the different financing mechanisms that managing authorities can use to support sustainable energy projects within an Operational Programme, with the objective of launching large scale investments in the energy renovation of buildings and attracting greater levels of private sector investment. This guidance was discussed briefly during the parallel session in Athens, but warrants more in depth discussion.

Method Some background material will be prepared from previous WG4 sessions, which have covered the use of structural funds and from the ICF International guidance recently prepared for the Commission. Additionally, a short questionnaire was circulated to collect information on the extent to which EE and building renovation feature in draft Operational Programmes for the 2014-2020 period at national level, and the nature of any financial instruments already proposed. The questionnaire results, alongside an up to date in-depth presentation from ICF International (as invited experts) will form the basis of the sessions in Milan. Presentations will be held from Member States in topics “Experience in using Financial instruments with ERDF on the previous period” and “Projects of using Financial instruments for the next period”. Success stories, best practice examples from previous period (2007-2013), and detailed technical description of the planned financial instruments for the next period (2014-2020) will give the opportunity for MS representatives to gather information and find possible solutions to the existing financial gaps.

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http://ec.europa.eu/energy/efficiency/studies/doc/2014_guidance_energy_renovation_buildings.pdf

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3 Answers from the questionnaire The following part synthetizes the answers provided by the responding MS to WG 4.4 questionnaires. In our questionnaire, 3 respondents indicated that they completed their Operational Programme (OP) for 2014 – 2020 and 14 respondents indicated that they drafted it. When asked to provide further details as to what extent do energy efficiency, building renovation and renewable energy feature in operational plans or draft operational plans for 2014 – 2020, the following key themes emerged in the responses: 

The overall aim of the Programme focus on creating economic growth, mainly in Small and medium sized enterprises, in all region based on the targets for EU 2020. One of the specific targets is on energy and resource effectiveness. The purpose is to strengthen the SME's competitiveness by creating of more efficient production. "Green business models" (Denmark).



“Transition to a low CO2 emissions economy” is focused on two investment priorities: “Energy efficiency and renewable energy in enterprises” and “Promote research, innovation and deployment of low-carbon technologies” (Sweden).



Building (family houses, multi-apartment buildings, public and commercial) refurbishment is set as one of the priorities in the Operational Programme (Croatia).



On average 23% of ERDF funds in the Netherlands will be dedicated to the priority Low Carbon Economy. Energy efficiency, building renovation and renewables are important, but the focus will be on the development of innovative Low Carbon technologies (Netherlands).



The Brussels-Capital Region set an ambitious goal (which goes beyond the EU target) of 30% reduction in greenhouse gas emissions to 2025. These include focus on improving the energy performance of buildings, soil remediation and the low-carbon transition of the Brussels economy to provide jobs for the future (Belgium).



The Operational Programme includes plans for increasing the energy efficiency/implementation of energy efficiency measures/renewable energy in public buildings, households and enterprises (Bulgaria, Lithuania, Cyprus, Greece, Latvia, Czech Republic, Slovakia, Estonia).



Effective management of energy, development of energy infrastructure and renewable energy, encouraging the introduction of new technologies in the field of waste energy and secondary raw materials. Supported actions: implementation of measures to improve the energy performance of buildings, promoting smart energy management systems in the public and private, business sector, the installation of renewable energy for own consumption of enterprises (Czech Republic).



The elaboration, approval and implementation plans for sustainable energy and reducing greenhouse gas emissions. Implementation of energy management systems, including energy audits and environmental management. Monitoring and information system. (Slovakia).



Information campaign, raising awareness of children and youth focusing on energy efficiency (Slovakia).



The ERDF is the one that invests more in RES and EE. The strategic indication of the Partnership Agreement (PA) is to invest primarily on EE (Italy).

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11 MSs gave further information regarding the nature of Financial Instruments been proposed to deliver the priorities within your operational programme: 

Direct subsidies (Denmark).



There is a proposal for a green fund aimed at stimulating innovation and commercialization of "green technology". The purpose is to address the lack of venture capital in the energy sector, in particular related to energy efficiency and renewable energy (Sweden).



Walloon Region: EU Structural fund is supported by additional grants from Walloon government. Brussels Capital Region: European Regional Development Fund (ERDF) (Belgium).



Loans and financial guarantees for energy efficiency renovation of private residential buildings (Bulgaria).



An ESCO model to aid with Obligation scheme according to art. 7 of the EED (Lithuania).



Financing schemes providing grants for increasing the energy efficiency/implementation of energy efficiency measures/renewable energy in public buildings, households and enterprises (Cyprus).



There are plans to establish special financial institution which will provide 100% loans for energy efficiency projects with low interest rates excluding commercial banks from the realisation of projects (Latvia).



For the Operational Programme West Netherlands several financial instruments have been proposed for three priorities, one of which is low carbon economy.



Czech Republic plans to use financial instruments under three OPs. It will be mainly for soft loans with a subsidy bonus payments or remission of payments (+ technical assistance).



State Housing Development Fund - Thermal insulation of residential buildings of EU funds (JESSICA type of funding) (Slovakia).



Private public partnership (Italy).

5 MSs supplied further information being utilised to deliver financial instruments in relation to EED e.g. National Energy Efficiency Action plan and the National Renovation Roadmap: 

In Bulgaria, mainly the Energy Efficiency and Renewable Sources Fund. It provides soft loans, financial guarantees and financial products for ESCOs, etc. http://www.bgeef.com (The Fund has been presented at CA EED meeting in 10/2013)



Even if all the implemented measures were financed by the National Strategic Reference Framework 2007-2013, the green fund has been established and can finance energy efficiency measures. Nevertheless, no measure has been financed due to administrative and legislative barriers (Greece).



Grant schemes for Bratislava region of EED obligations set by the draft grant law provided by Ministry of Economy (Slovakia).



In the last decade Italy has implemented national policies promoting the production of energy RES (energy account, green certificates, etc.) and EE (fiscal deductions, white certificates, etc.), which have proved to be effective and in many cases have even competed with the Structural Funds.



A guarantee fund will soon be created. Practical details are still in the negotiation process and will soon be determined (France).

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Successful financial instruments used to aid the delivery of energy efficiency and renewables during the 2007-2013 funding period. Highlight examples: 

Lithuania: Jessica initiative for the renovation of multi-apartment buildings (most successful of the measures being implemented) Details: Support elements: 50 % grant to prepare renovation documentation. 15 % loan rebate for where minimum energy efficiency level is met (class “D” level, 20 % reduction) + 15 % grant from CCP (40 % reduction). Exceptional 100 % subsidy on all expenses for low-income persons; Maturity: up to 20 years; Interest rate: fixed for entire loan period at 3% p.a.; Self-financing: bank may require a down payment (not more than 5%); Maximum monthly instalment: determined for each multi-apartment building; Insurance: no loan insurance requirements; Guarantees: no third party guarantee requirements; Grace period: 2 years, during construction.



Support Schemes Cyprus Financing Tool: The National Fund for the promotion of renewable energy and Energy Conservation. Revenues: from the electricity consumers paying an additional tax of 0.50 eurocents per kWh consumed (RES levy). The Support Scheme is operating since February 2004, providing financing incentive for energy efficiency measures and renewable. Total allocated funds for the period 2004-2012: ≈ €98 million.



In Greece the “Energy Efficiency at Household Buildings” program provided financial incentives for the implementation of energy saving interventions in the residential sector. The total budget of the program was 548.2 million €. Until March 2014 about 70 thousand applications were submitted for participation in the program. 40 thousand of them have already been accepted for the provision of financial aid, while 21,333 have completed the proposed interventions with a total eligible budget of around 210 million €. The “Exoikonomo” program targeted to the implementation of measures and best practices for the reduction of energy consumption in the urban environment focusing firstly on the municipal buildings and the upgrade of public spaces and secondly on the fields of municipal transport and energy intensive municipal facilities. The total budget of the programme was 100 million euros co-financing by 70% from the NSRF 2007-2013 and by 30% from each municipality. The budget for each local authority was determined by the population of each municipality. Nevertheless, the Ministry of Environment, Energy and Climate Change decided the program to be 100% financed from the NSRF 2007-2013. Totally, 104 municipalities participated in the program, which will lead to primary energy savings in the range of 5.96 ktoe. The “Renewable Energy Sources and Energy Saving Demonstration Projects in Public Buildings” program supported financially demonstration projects in order to increase the heating and cooling production from Renewable Energy Sources (RES) and to promote the implementation of energy conservation projects reducing in this way the energy demand of public buildings for heating, cooling, lighting and hot water. The total budget of the program was 40 million €. Totally 63 applications were submitted during the evaluation phase, while 13 of them were financed finally

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In the period 2007-2013 Operational Programme West-Netherlands and South-Netherlands implemented pilots for FI's. In The Hague a Jessica FI was implemented for energy efficiency, building renovation and renewable energy for the urban environment (Energiefonds Den Haag). This FI might be continued in the 2014-2020 period.



In Slovakia SLOVSEFF was established in 2007 to support energy efficiency in the residential and industrial sectors, and renewable energy projects. After successful implementation of the first phase, an extension of SLOVSEFF II was launched in 2010. Loans between EUR 20 000 and EUR 2 500 000, as well as grants between 7.5% and 15% of the loan amounts and free technical assistance (including free energy audits) are available through local banks to private companies and housing associations for implementation of energy efficiency and renewable energy projects. During the first two phases, the EBRD provided a total of EUR 150 million for the provision of loans to commercial banks, which was complemented by EUR 30 million from the BIDSF for the provision of incentive payments and technical assistance. Financial support to 680 projects in both phases as of December 2012 led to total primary energy savings of 553 GWh/yr and emission reductions of 110 kilotonnes of CO2 per year.



In France ERDF funds were used successfully over the last period for subsidizing the refurbishment of social housing. ELENA facility of the EIB used to set Paris Energy Performance Contract for the refurbishment of schools.

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4 Technical Guidance on Financing the Energy Renovation of Buildings with Cohesion Policy Funding At the meeting held in Athens, March 2014, the working group members briefly discussed the approaches to different financial mechanisms to support sustainable energy (i.e. comprising both EE and RE) projects within Operational Programmes (OPs). These discussions were based around the Technical Guidance – Financing the Energy Renovation of Buildings with Cohesion Policy Funding; a 2 study prepared for the European Commission DG Energy . The Technical Guidance sets out a number of practical steps, which can be followed by the Managing Authorities (MAs) to support the delivery of sustainable energy projects. The previous report (Report 4.3) outlined the steps based on the different stages of development and implementation of the OPs and the projects that they finance. As part of the meeting it was agreed to explore in more detail Step 4, which describes choosing the appropriate financing mechanism. Step 4 is further broken down into 4 stages including: 1. 2. 3. 4.

Choosing an implementation option Assessing individual financial mechanisms Evaluating potential combinations of forms of support Choosing the right options.

Choosing an implementation option As part of choosing an implementation option the Technical Guidance considers that large scale sustainable energy investment cannot be achieved through the use of limited public resources alone. In general grant funding should not be used to finance investments that are viable to the private sector and that provide sufficient returns to investors. Grant funding can be better used however, to show case certain packages of measures or promote the development of new technologies. Therefore the use of innovative financial instruments including the potential for combining with grants, in particular ESI funds, should be examined. To benefit from using ESI funds resources via financial instruments, the Technical Guidance outlines 3 the ex‐ante assessment process that MAs must carry out . The ex-ante assessment needs to: • Identify market failures; • Assess the value added of the FIs and the consistency of ESI funding; • Estimate the leverage effect of the FI; • Assess the lessons learnt from the previous application of similar instruments; • Propose an investment strategy; • Specify how the FI will contribute to the achievement of the specific objectives; and • Provide provisions allowing for the ex‐ante assessment to be reviewed and updated when necessary.

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http://ec.europa.eu/energy/efficiency/studies/doc/2014_guidance_energy_renovation_buildings.pdf As required under Article 38 of the Common Provisions Regulation (No 1303/2013)

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Assessing individual financial mechanisms

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The main financial mechanisms available (and as set out in the diagram below in relation to the different approaches we can be exploited at Member State or EC level) include:  Grants - non-reimbursable financial contributions which can help target innovative technologies which can reduce energy consumption but which are still too costly;  Preferential loans – reduced interest rate loans which are offered to final beneficiaries for a defined purpose over a fixed period of time, usually 10-20 years;  Guarantees - refer to a risk sharing mechanism where “the guarantor” entity (e.g. bank, MA) assumes a debt obligation in case a borrower such as an ESCO defaults; and,  Equity - direct investment into a legal entity - such as a public/private ESCO - to create working capital. Additionally, Energy Performance Contracts (EPC) can be used as a mechanism to achieve a guaranteed level of energy performance for the contract duration. The stream of income from energy savings repays the upfront investment costs over the contract duration. EPCs can either be done through an ESCO through using third-party finance or else using owner finance.

The Technical Guidance describes the advantages and disadvantages of each of these finance mechanisms and provides examples and case studies where these mechanisms have been successfully used. Evaluating potential combinations of forms of support In order to get the maximum benefit from using financial instruments, MAs will need to assess the best ways that ESI grants and FIs can be combined with each other. MAs have to consider territorial specificities (e.g. maturity of the local market, key players), requirements of the OP, as well as information gained from the ex-ante assessment (such as how the FI will meet market need). The Technical Guidance describes a number of ways in which different financial mechanisms can be combined. The most common approach is to combine ‘soft’ loans (i.e. a loan with no or below-market rate of interest) with non-refundable grants. Choosing the right options Finally, the Technical Guidance concludes that the right option will depend on the local context, building types being targeted and the objectives of the programme. It provides a decision-making diagram to illustrate where financial mechanisms can be used to ensure efficient use of Cohesion Policy Funding.

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Financial mechanisms refer collectively to both grants and financial instruments

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5 New requirements on Operational Programmes regarding Energy Efficiency for 2014-2020 Cohesion Policy Funds are crucial for Member States to achieve ‘Europe 2020’ objectives. According to the new Cohesion Policy, regions will target EU investments on four key growth sectors during the next period:  Research and Innovation;  Information and Communication Technologies;  Enhancing the competitiveness of SMEs;  Supporting the shift towards a low-carbon economy. This last area is directly linked with the EU climate and energy targets for 2020. It includes the following activities:  

 

Increasing the use of renewable energy: investing in the production and distribution and increase the use of renewable energy; Reducing energy use: Funding projects to enhance energy efficiency and smart energy management in both public and private sectors; reducing emissions from transport by supporting the development of new technologies and promoting sustainable multi-modal urban mobility. Promoting smart energy systems: Investing in smart grids for electricity distribution to enable improved energy efficiency and integration of renewables. Encouraging an integrated approach to policy-making and implementation: Developing integrated low-carbon strategies, in particular for urban areas.

What was done in this area during the previous period? Over the last period (2007-2013), €18.5 billion of the European Regional Development Fund (ERDF) and Cohesion Fund were invested in low-carbon themes such as renewable energy, energy efficiency and clean urban transport. From May 2009, in each Member State, regions also had the opportunity to invest up to 4% of their ERDF envelop in expenditures on energy efficiency improvements and renewable energy sources installation in existing housing. What’s new? The new Cohesion Policy will go much further regarding EE and RES promotion. Cohesion Policy envelop for 2014-2020 Under the EU's 2014-2020 budget (about 1 trillion euros), Cohesion Policy will invest €351.8 billion in Europe's Member States, their regions and cities, to deliver the EU-wide goals of growth and jobs, as well as tackling climate change, energy dependence and social exclusion. These investments will be made through the European Regional Development Fund and the Cohesion funds (“Investing in growth”) and the European Social Fund (“Investing in people”). Taking into account the national contribution of Member States, and the leverage effect of financial instruments, the overall impact is likely to be more than €500 billion. The reform of Cohesion Policy will ensure maximum impact for these investments, adapted to the individual needs of regions and cities. 12

Within the ERDF fund, around €100 billion will be dedicated to the above four sectors.

Allocation dedicated to the shift to a low-carbon economy: A minimum share of each region’s ERDF envelop will be invested in measures supporting the shift to a low-carbon economy, depending on the region level of development: 

20% in more developed regions;



15% in transition regions;



12% in less-developed regions.

This should ensure an investment of at least €23 billion for 2014-2020 from the ERDF, to support the shift to a low-carbon economy (energy efficiency and renewable energies). Furthermore, around €66 billion from the Cohesion Fund will be focused on priority Trans-European transport links and key environmental infrastructure projects. Finally, the European Social Fund will also support measures to reinforce the education and training systems necessary for adapting the skills and qualifications of the labour force to work in sectors related to energy and environment.

What’s next? 5

So far, the European Commission has adopted 16 out 28 Partnership Agreements . It is currently analyzing the rest of them with the aim of adopting all of them by the autumn. 6

The Commission is also negotiating the draft Cohesion Policy Operational Programmes sent by 19 countries. The Danish ERDF Operational Programme was the first and only to be adopted so far. The new “Energy Efficiency Directive” provides further strategic orientations. It required Member States to establish by April 2014 a long-term strategy for investing in the renovation of the national building stock, including policies and measures to stimulate cost-effective deep renovations. These strategies will provide the foundation for truly effective Cohesion Policy investments. More information: http://ec.europa.eu/regional_policy/what/future/index_en.cfm

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Partnership agreements between the European Commission and individual EU countries set out the national authorities' plans on how to use funding from the European Structural and Investment Funds between 2014 and 2020. They outline each country's strategic goals and investment priorities, linking them to the overall aims of the Europe 2020 strategy for smart, sustainable and inclusive growth. 6

Operational Programmes (OP) outline the regional or sectorial investment plans for EU Structural and Investment Funds. Regional OP for the 2014-2020 period must also outline the Financial Instruments foreseen to be created in order to invest ESIF funds with the maximum leverage.

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6 Supports for financial engineering 6.1 EC support instruments Within the framework of the 2007-2013 programming period and in cooperation with financial institutions, the European Commission developed several initiatives to make cohesion policy more efficient, among which 2 schemes meant to provide technical assistance for the implementation of financial engineering instruments: 

JEREMIE: Joint European Resources for Micro to Medium Enterprises

JEREMIE is an initiative promoting the use of financial engineering instruments to improve access to finance for SMEs. Within the JEREMIE scheme, EU countries can use part of their European structural fund allocations to invest in SMEs though revolving instruments such as venture capital, loan or guarantee funds. These investments can take the form of equity, loans and/or guarantees. Returns from investments are then reinvested in SMEs. More information: http://ec.europa.eu/regional_policy/thefunds/instruments/jeremie_en.cfm 

JESSICA: Joint European Support for Sustainable Investment in City Areas

JESSICA is an initiative supporting sustainable urban development and regeneration through financial engineering mechanisms. Within the JESSICA scheme, EU countries can choose to invest some of their EU structural fund allocations in Urban Development Funds. These revolving funds allow investments in Europe's urban areas, for instance for energy efficiency improvements. These investments can take the form of equity, loans and/or guarantees. Returns from investments are reinvested in new urban development projects. More information: http://ec.europa.eu/regional_policy/thefunds/instruments/jessica_en.cfm

For the 2014-2020 programming period, JEREMIE and JESSICA will be included within a 'Financial Instruments - Technical Advisory Platform' (FI-TAP), under preparation. The FI-TAP will be applicable to all ESI Funds and will provide common and fund-specific products related to financial instruments, covering the whole implementation cycle. It will also propose multi-region assistance for the development of FIs targeting development objectives or market failure that are shared by a number of regions (minimum two managing authorities in at least two MS). In addition, MS will be able to use the technical assistance budget foreseen in their programmes for any further specific assistance, for instance for carrying out the exante assessment or for hiring a specialised body to assist the setting up of a financial instrument in its programme area. More information: http://ec.europa.eu/regional_policy/thefunds/fin_inst/pdf/fi_esif_2014_2020.pdf

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6.2 Project Development Assistance facilities Project Development Assistance (PDA) facilities were set up by the Commission during the previous programming period with the aim of supporting public authorities and public bodies in developing bankable sustainable energy projects. PDA support all technical activities necessary to prepare, implement and finance investments into sustainable energy projects: feasibility and market studies, stakeholder and community mobilization, financial engineering, business plans, technical specifications, energy audits, procurement 7 procedures. However they DO NOT fund investments directly! The PDA facilities are funded through the Horizon 2020 programme. They are managed by different entities with specific targets and criteria. They require a leverage factor, i.e. each Euro of EU funding must trigger a minimum level of investments. Horizon 2020: Energy Efficiency - Market Uptake PDA Operator: Executive Agency Small and Medium Enterprises (EASME) Project Investment volume: EUR 6 million – EUR 50 million Leverage factor: >15 Target group: public and private project promoters such as public/private infrastructure operators, retail chains, cities and SMEs/industry. Sectors covered in 2014: public and private buildings, retail energy market infrastructure, commercial and logistic properties and sites. Eligibility: Proposals from applicants coming from one single country are eligible, but proposals must also include a clear action plan to communicate across Europe towards potential replicators. Other conditions: The support will be conditional to mobilized investments Submission of proposals: annual Horizon 2020 Call for Proposals

European Investment Bank - European Local Energy Assistance (ELENA) Operator: European Investment Bank (EIB) Project Investment volume: > EUR 50 million Leverage factor: > 20 Target group: by public authorities or public bodies Sectors covered in 2014: energy efficiency in public and private buildings, including social housing, and street and traffic lighting; RES in buildings; district heating/cooling; decentralised CHP systems; urban transport; freight logistics in urban areas; local infrastructure, including smart grid and ICT for energy efficiency, energy-efficient urban equipment, intermodal transport facilities and refuelling infrastructures for alternative fuel vehicles. Submission of proposals: any time directly to the EIB

KfW - European Local Energy Assistance (ELENA) Operator: KfW banking group Project investment volume: < EUR 50 million Leverage factor: > 20 Target group: Proposals must be submitted by public or private financial institutions implementing the sustainable energy investment programme in countries eligible to IEE. Final beneficiaries: Local and regional authorities or entities acting on their behalf Sectors covered in 2014: energy efficiency in public and private buildings, and in street and traffic lighting; RES in buildings; district heating/cooling; decentralised CHP systems; urban transport; freight logistics in urban areas; local infrastructure; municipal waste-to-energy projects; energy efficient equipment and appliances in SMEs and households. Submission of proposals: any time directly to the KfW

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The European Energy Efficiency Fund can fund project development activities for the projects in which it brings financing.

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CEB - European Local Energy Assistance (ELENA) Operator: Council of Europe Development Bank Project investment volume: < EUR 50 million Leverage factor: > 20 Target group: Proposals must be submitted by public authorities, public bodies, or banks, established in countries both eligible to IEE and members of CEB Sectors covered in 2014: public buildings, housing for low-income households, public local transport infrastructure, and public utilities infrastructure. Submission of proposals: any time directly to the CEB

EBRD - ELENA Operator: European Bank for Reconstruction and Development Project investment volume: < EUR 50 million Leverage factor: > 20 Target group: Local and regional authorities and other public bodies from Bulgaria, Croatia, Estonia, FYR Macedonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, Slovenia Sectors covered in 2014: Municipal building projects, District heating projects, Urban transport projects, Local infrastructure projects, including smart grids, information and communication technology infrastructure within the scope of urban transport projects, energy efficient urban equipment, inter-modal transport facilities, and refuelling infrastructure for alternative fuel vehicles; Utilities infrastructure, including municipal waste-to-energy projects, municipal programmes for energy efficient equipment and appliances in small and medium-sized enterprises (SMEs) and households, and multi-technology approaches combining these activities within a comprehensive citywide or regional approach. Submission of proposals: any time directly to the EBRD, the final date for the signing of consultancy contracts to be funded by the EBRD-ELENA facility be in 31 December 2014. More information: http://ec.europa.eu/energy/intelligent/getting-funds/project-developmentassistance/index_en.htm For more information please email 'Ligetvári Krisztina'

Legal Disclaimer The sole responsibility for the content of this report lies with the authors. It does not necessarily reflect the opinion of the European Union. Neither EACI nor the European Commission are responsible for any use that may be made of the information contained therein. The Concerted Action for the Energy Efficiency Directive (CA EED) was launched by Intelligent Energy Europe (IEE) in May 2011 to provide a structured framework for the exchange of information between the 29 Member States during their implementation of the Energy Efficiency Directive (EED). For further information please visit www.esd-ca.eu or contact the CA EED Coordinator Lucinda Maclagan [email protected]

Working Document – WG 4.4 Selecting appropriate financing instruments to deploy 2014-2020 structural funds on energy efficiency and building renovation

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