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EU EBRD Energy Efficiency Finance Facility (EEFF) wasa grant-supported credit line established by the European Commission and the European Bank for Reconstruction and Development. Romanian private sector companies could borrow up to 2.5 million EUR from a participating bank, and use the money to invest in energy efficiency.

The main stakeholders in EEFF were:

  • The European Union, who was EEFF Donor – providing non-reimbursable financing to support operation of the facility and to pay Incentive Payments (EU Grants) for Romanian companies who invested in energy efficiency.
  • The European Bank for Reconstruction and Development (EBRD), who extended loan financing to Romanian participating banks to on-lend to their customers to invest in energy efficiency.  EBRD also engaged consultants to support the facility - Tractebel Engineering (Project Consultant) and MWH (Verification Consultant).  EBRD also disbursed EU Grants to the final borrowers.

EBRD operates Sustainable Energy Finance Facilities (SEFFs) in 24 countries – see www.ebrdseff.com

There have been three SEFFs in Romania

  • EEFF - this facility, which closed in June 2015 having helped to finance 129 energy efficiency investment projects, lending more than 75 million Euro towards investments of more than 110 million Euro through six of EBRD's partner banks.
  • MFFEE - a small experimental SEFF which provided 10 million Euro in loan financing towards the cost of three municipal investments; and
  • RoSEFFwww.seff.ro - which closed in April 2016 having helped to finance energy efficiency and renewable energy investments projects by SMEs.  341 investments totalling 69 million Euro included EEFF credits of 57 million Euro from four of EBRD's partner banks .

EEFF had six participating banks.

  • Banca Comerciala Romana (BCR)
  • BRD - Groupe Societe Generale
  • BancaTransilvania (BT)
  • CEC Bank
  • OTP Bank
  • Raiffeisen Bank

The Project Consultant (for all of the SEFFs in Romania) was Tractebel Engineering S.A.

Tractebel Engineering led consortia of Romanian and international companies that supported preparation, successful operation, administration and monitoring of the SEFFs by providing technical, marketing and administration services. Tasks include:

  1. Marketing the facility in Romania;
  2. Developing a pipeline of eligible energy efficiency investment projects;
  3. Supporting industrial customers through informal consultations, technical consultancy (energy plans) and assisting with the formulation of loan applications;
  4. Facilitating communication between stakeholders;
  5. Ensure that the technical criteria of the Facility were clearly-defined, consistently applied and updated;
  6. Tracking, monitoring and reporting the use of the EEFF;
  7. Ensuring that Grants funds rules were applied consistently in line with the eligibility criteria.
  8. Informing industrial borrowers of greenhouse gas emission reductions that accrue from their investments.

The Verification Consultant (for all of the SEFFs in Romania) was MWH SpA (Italy)

When investments were complete and working, a specialist from MWH visited the site to verify that it had been implented, was operational, and was substantially the same as the eligible investment described in the study by Tractebel Engineering.  The resulting Verification Report and Certificate, issued by MWH, was the basis upon which EBRD paid the 15% grant.