Major EU-funded REFINE Project Launches Novel Solutions for Europe’s Energy Service Providers As Crisis Deepens
- REFINE is developing new schemes including standardised contracts and rating systems to make it easier to finance energy efficiency investments
- The project’s new eLearning centre contributes to the effort to simplify and increase the uptake of energy efficiency projects across Europe
Monday 03 October 2022: European energy efficiency project REFINE has launched an eLearning centre to simplify and streamline the process of investing in energy efficiency projects through refinancing for all parties including, energy efficiency service (EES) providers, financial institutions and their clients in both the private and public sectors.
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 project’s new eLearning centre is free to use and includes various training modules, videos and interactive eBooks that are translated into 10 official EU languages making it easy for EES providers, financial institutions and all other relevant stakeholders to implement the project’s refinancing tools and methods into their own work.
Speaking about the project’s latest development, REFINE Project Coordinator Klemens Leutgöb, e7 said:
“We’re delighted to launch the REFINE eLearning centre which will enable key players in the energy efficiency market to learn and implement the project’s refinancing method. 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 REFINE eLearning centre is backed by extensive market research conducted by the project’s partners including case studies on existing refinancing instruments in Austria, Czech Republic, Belgium and Latvia and through their work with organisations in the business, finance, and energy efficiency industries across Europe. These findings showed a common interest in models that support EES market growth and clear the balance sheets of EES providers.
To view the REFINE project’s eLearning centre and its complete modules, 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:
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.
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
- Refinancing models for energy efficiency projects
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.
