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Mainstreaming of
refinancing schemes as
enhancer for the
implementation of energy
efficiency service projects (final publishable report)

The REFINE project, supported by the European Horizon 2020 programme, has successfully advanced the implementation of energy efficiency service (EES) projects through the promotion of refinancing schemes. By examining successful case studies, identifying key challenges, and proposing innovative solutions, the project has equipped stakeholders with actionable insights. These insights span various aspects, including model contracts, risk assessment, regulatory frameworks, and stakeholder engagement, all contributing to a comprehensive understanding of refinancing in the EES sector. Read More >>>

Refinancing of Energy Efficiency Services (e7)

‘An underrated business opportunity related to green finance’ – There exists a general consensus among experts that large potentials of cost-efficient energy efficiency (EE) investment are currently untapped. Furthermore, these potentials are steadily expanding due to technological innovation. This succinct analysis outlines the basic challenges in financing energy efficiency investments and introduces the ‘refinancing’ concept as a solution that offers a business opportunity for Financial Institutions which are searching for promising green finance investment. Read More >>>

Article – Sale of Receivables in Czech Republic

The sale of receivables is the most common method of financing Energy Performance Contracting (EPC) projects in the Czech Republic, which makes it different from other EU countries. This method has been used to fund most public sector EPC projects completed since 2005, although it has been used only rarely in the private sector. This article provides an overview of the refinancing scheme for energy efficiency services projects using its practical function in the Czech market as a key example. Read More >>>

Case Studies on Existing Refinancing Instruments for Energy Efficiency Services

This in-depth report outlines a thorough analysis of best practices in refinancing instruments for energy efficiency service (EES) in four REFINE project partner countries: Austria, the Czech Republic, Belgium and Latvia. The case studies are a showcase for different refinancing instrument concepts which are suitable for other EU countries as well. A structured description of each case study provides uniformity and comparability of the refinancing schemes. Read More >>>

Refinancing Market Assessment Report

This report analyses the status of the national refinancing service markets in nine Austria, Spain, Italy, Slovenia, Croatia, Greece, Czech Republic, Latvia and Ukraine. Legal and organisational framework conditions for admissibility of refinancing instruments for EES in each country have been researched through different methods (literature review, analysis of case studies and stakeholder interviews). The report shows large differences across Europe: Whereas in some countries refinancing schemes have become a standard for the EES business, in other countries, they are not applied at all. Read More >>>

Market Growth Models for Energy Efficiency Financing

Limited access to financial resources represents a serious restriction for the market growth of EE markets. Energy efficiency service (EES) providers often must include financing into their service packages while respecting their own credit limits. For financial institutions (FIs), EE investments are cumbersome and cash flow is generated from cost savings instead of sales on the market. This paper uses  European-wide market assessment and case study analysis to explain how refinancing models contribute to the growth of EE financing. Read More >>>

Generic Concepts of Refinancing Schemes for Energy Efficiency Services

There exists a general consensus among experts that large potentials of cost-efficient energy efficiency (EE) investment are currently untapped due to a bundle of barriers, such as lack of trust in savings forecast, high cost for project preparation and procurement, split incentives, lacking awareness for non-core activities such as energy efficiency, perceived low energy prices, etc. Within this set of interlinked barriers, the access to attractive financing represents a serious restriction for the expansion of energy efficiency (EE) investments. Read More >>>

Standardised Contract Stipulations for Refinancing of Energy Efficiency Services 

Refinancing, as defined in the REFINE project, is not a common practice in most of the countries involved in the project. Therefore, with this document, the REFINE project intends to facilitate a standardised set of stipulations that, if incorporated in EES contracts, could increase the chance of projects being refinanced by a financial institution after they have been implemented. These stipulations are not meant to be contractual clauses, since each European country has its own legal reality, but are meant to show which concepts are recommended to be incorporated in EES contracts signed between the EES provider and the client. Read More >>>

Rating System on Refinanceability of EES Projects

This document provides an introduction to a specific rating system that helps to assess the refinanceability of energy efficiency service (EES) projects. This document is elaborated in a template PDF file that is directly applicable for the evaluation of EES projects. Altogether, the risk assessment system supports the application of refinancing schemes in the EES business by incorporating elements specific to energy efficiency projects, reflecting on the impact which the client’s cash surplus derived from energy savings can have on the improvement of the client’s creditworthiness and diminishing financial institutions’ due diligence and transaction cost. Read More >>>

Template EES Project Refinanceability Rating System 

This template outlines a specific rating system that helps to assess the refinanceability of energy efficiency service (EES) projects. It is an elaboration of the introductory document titled ‘Rating system for refinanceability of EES projects’  and is directly applicable for the evaluation of EES projects. Altogether, the risk assessment system supports the application of refinancing schemes in the EES business  Read More >>>

Analysis of Guarantee Instruments for EES Projects

In particular, this document provides an analysis on the role that various guarantee instruments play in facilitating the energy efficiency service (EES) business in general and the application of refinancing schemes for EES projects in particular. Seen from the perspective of refinancing schemes existing guarantee schemes, are limited use for covering risks of forfeited receivables derived from EES projects. Read More >>>

Business Models of Facilitation Services

This report delves into the identification of facilitation services, the description, and the different types of services that can contribute to the realization of the refinancing operations. The methodology chosen to implement this part is the Lean Canvas Model. This technique is especially helpful to understand the problem in focus and the value that it creates for the customer groups, which is the first step for a successful strategy to launch new services to the market. Read More >>>

The Potential of Refinancing Schemes in the European EES Market

The summary presents the key results of the EES market survey which was conducted between January and May 2022 with EES providers (ESCOs) to gather their (potential) interest in selling receivables from ongoing or future EES projects. It’s findings provide insight into the current and expected use of refinancing as a business approach across Europe to support EES providers in overcoming financial bottlenecks and gain leeway for the expansion of their business.

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Other project documents