About the Refine Project

In order for the European Union to achieve its energy and climate goals by 2030, significant investment is required to make energy efficiency projects more attractive for potential investors and financial institutions. The European Union has therefore identified the promotion of an energy efficiency service (EES) market in Europe as a priority for the future.

In that context, the EU-funded REFINE project has identified the lack of attractive financing options for EES projects as a major barrier to the development of a functioning, robust EES market in Europe.

The goal of REFINE is therefore to contribute to the supply of sufficient and attractive financing sources to energy efficiency investments. Central to the development of a strong energy efficiency service market is ensuring the availability of financing sources for EES projects.

REFINE’s core objectives are:

  • Enhancing the refinanceability of EES projects
  • Amplifying the use of refinancing schemes in EES business practice

The above objectives will be achieved through the development of refinancing schemes enabling EES providers to clean up their balance sheet, thus allowing for future investment in new projects. REFINE will also seek to reduce transaction costs for refinancing schemes through standardisation. Finally, the project will facilitate greater risk assessment through increased transparency and the use of credit guarantees.

From the outset, REFINE is developing its solutions in collaboration with key stakeholders including financial institutions, EES providers, market facilitators and guarantee funds. Throughout the project, REFINE will cooperate with these stakeholders, using their expertise to identify and alleviate the risks associated with refinancing for EES projects. Coordination will also be sought among all parties to improve knowledge on the practical implementation of refinancing schemes and to promote overall awareness of the benefits of refinancing schemes on the financial feasibility of future investments.

The REFINE consortium is made up of 11 partner organisations from across Europe with expertise in the areas of refinancing and energy efficiency projects. The project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement no. 894603.

External Advisory Board

The REFINE External Advisory Board plays a strategic role in the project and provides experience, advice and feedback on how to achieve the overall project objectives. The advisory board consists of representatives of key institutions such as EI, EEFIG, Croatian Ministry of Regional Development and EU Funds (MA), international commercial funds and EFIEES.