Major EU FUNDED REFINE PROJECT LAUNCHES TOOLKIT FOR ENERGY EFFICIENCY FINANCING
tHURSDAY 29TH JUNE 2023
- The REFINE project has used extensive research to create a comprehensive toolkit for energy efficiency financing that is free-to-use
- New toolkit created in conjunction with energy efficiency service providers and financial institutions across Europe to make it easier to finance energy efficiency investments
European energy efficiency project REFINE has today launched its complete toolkit for energy efficiency financing. After three years of extensive research, the ‘REFINE Toolkit for Energy Efficiency Financing’ will help simplify the process of energy efficiency investments for key stakeholders in the sector including energy efficiency service (EES) providers, financial institutions and their clients in both the private and public sectors. As a result, this will help increase the uptake of energy efficiency projects across Europe and contribute to a thriving energy efficiency service market.
REFINE has identified the lack of attractive financing options for EES projects as a major barrier to the development of a robust EU energy efficiency market.
The toolkit contains two core elements: the REFINE Handbook is the ultimate guide to refinancing schemes for energy efficiency projects, covering everything from the fundamentals of refinancing to practical applications and the REFINE eLearning centre which contains various training modules, videos and interactive eBooks making it easy for users to learn about refinancing and implement the tools and methods into their own work. Additional elements include a ‘refinanceability’ rating system and standardised contractual stipulations.
Speaking about the project’s latest development, REFINE Project Coordinator Klemens Leutgöb from e7 energy innovation and engineering, Austria said:
“We’re delighted to launch the REFINE Toolkit for Energy Efficiency Financing. It has been created and tested with EES providers and other key players in the energy efficiency market to help clear their balance sheets by using both research and practical tools. As Europe faces the risk of a prolonged energy crisis, the use of these established tools including refinancing instruments, financial models and legal contracts will contribute to an increased level of investment in energy efficiency projects. They will also help respond to the EU’s climate targets while offering a simplified application process for Energy Service Companies and financial institutions. Effectively, this will streamline the financing of EES projects and facilitate the creation of a European energy efficiency ecosystem for future investment.”
The toolkit has been created and tested in real-life contexts with established organisations across eight different EU Member States including Austria, Spain, Greece, Czech Republic, Croatia, Latvia, Italy, Slovenia and Ukraine. The handbook is available in English and has been translated into the national language of each of these countries and each module under the eLearning centre contains a translated summary document.
To access the REFINE Toolkit for Refinancing and its various components, click here.
To download further project publications including a ‘refinanceability’ rating system and standardised contractual stipulations click here.
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Editor’s Notes:
The REFINE Toolkit for Energy Efficiency Financing
| Tool | What does it do? |
| Project Handbook | The ultimate guide to refinancing schemes for energy efficiency projects. Drawing from the extensive research and insights of the EU-funded REFINE project, this handbook covers everything from the fundamentals of refinancing to practical applications |
| eLearning Centre | The REFINE eLearning centre provides training materials to help users of the toolkit learn how to implement its |
| Pilot Applications | The REFINE pilot applications present the project’s toolkit in action with key stakeholders in the industry. During their development, the solutions were developed in collaboration with real life organisations including financial institutions, technology providers and EES providers. |
| Concepts & Tools | The REFINE concepts and tools present the research background that has helped create the toolkit. Using expert research, its concepts and tools aim of mainstreaming refinancing schemes as an enhancer for the implementation of energy efficiency service projects. |
| Market Overview | REFINE has identified a lack of attractive financing options for EES projects as a major barrier to the development of a functioning, robust EES market in Europe. The REFINE market overview analyses the current status of refinancing service markets across Europe. |
REFINE eLearning Centre: Modules
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- Introduction to the EES Market
- Energy Supply Contracting
- Energy Performance Contracting
- Energy Efficiency Service (EES) Financing
- Using refinancing instruments to finance energy efficiency services
- Tools to support refinancing of energy efficiency services
- Module 1 “Refinancing Models for Energy Efficiency Projects”: https://rise.articulate.com/share/8LKUuw41AmwNOcR3mshdQ6L_FAHqvGsU
- Module 2 “The Road to Refinancing for EES Providers”
here: https://rise.articulate.com/share/ZPvSVX4lUrD3oHSzuOxw8d0IymtaR51 - Module 3 “Business Opportunities for Financial Institutions“ here: https://rise.articulate.com/share/7iuAitkv8S2baiETqztojyD9eNXvIP1K
About the REFINE Project
REFINE is a 3-year EU-funded project that is made up of 11 partner organisations from across Europe with expertise in the areas of refinancing and energy efficiency projects. Its aim is to improve the supply of financing sources for energy efficiency investments in Europe by promoting the development of a European energy efficiency market that ensures the availability of financing sources for EES projects and amplifies the use of refinancing schemes in EES business practice. The project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement no. 894603.
Follow the REFINE project on Twitter and LinkedIn. View the REFINE project video here.
Refinancing in the context of the REFINE project
In the context of the REFINE-project, we understand under this term a model, where an EES provider sells and a refinancing institution acquires receivables to be paid by an EES client, thus leading a restructuring of the initial financing set-up which may have been ensured through the EES provider’s cash flow, credit financing, leasing financing or other financial means.
The REFINE project’s link to the EU Green Deal and Renovation Wave
Within the EU Green Deal, the European Commission has identified the renovation of public and private buildings as an essential action to delivering on its energy efficiency objectives. The EU Renovation Wave aims to renovate 35 million inefficient buildings by 2030 as it is expected that 85-90% of these will still be standing by in 2050. The REFINE project has a significant contribution in its central focus on ensuring the availability of financing sources for such EES projects. Specifically, partners promote the use of the BEEF (Building Energy Efficiency Facility) model across EU countries. It is a private sector initiative, developed by Funding for Future B.V. that focuses on advanced deep renovation of multifamily/social housing and public buildings to deliver a safe, healthy and comfortable environment guaranteed by energy savings.
