The Bulgarian Energy Efficiency and Renewable Energy Credit Line (BEERECL) was developed by the European Bank for Reconstruction and Development (EBRD) in 2004 in close co-operation with the Bulgarian Government and the European Union.
The facility extends loans to participating banks for on-lending to private sector companies for industrial energy efficiency and small renewable projects. The EBRD has agreed to a second extension of the BEERECL facility through 30 June 2011. The extension adds up to €55 million to the existing BEERECL portfolio.
The facility is also supported by the Kozloduy International Decommissioning Support Fund (KIDSF), which undertakes safety and decommissioning activities related to the closure of the Kozloduy Nuclear Power Plant. The European Union, a number of member countries and Switzerland have contributed to the KIDSF that also promotes energy efficiency and renewable energy.
To date, the BEERECL has reduced annual emissions by nearly 600, 000 Mt CO2 and replaced nearly 900, 000 MWh annually of electrical capacity from the Kozloduy Nuclear Power Plant with green energy sources.
The EBRD contracted with DAI Europe which in co-operation with EnCon Services, will provide consultancy services to project developers in preparing business plans (rational energy utilization plans), loan applications and implementation. The EBRD furthermore contracted with KEMA as the Independent Energy Expert, to verify the project after completion, on whether it meets the objectives of the facility and KIDSF, which will be the basis for the decision to pay the project developer an incentive of up to 15% for energy efficiency or 20% for renewable energy of the loan given to the developer under the BEERECL facility.
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