Short description of the overall project

The Regional Energy Efficiency Programme (REEP) is an integrated package of finance, technical assistance and policy dialogue developed and funded by the European Bank for Reconstruction and Development and the European Union and implemented jointly with the Energy Community Secretariat.
REEP consists of three windows:

1. support to policy dialogue and the development of the energy service company or energy savings company (ESCO) concept;
2. provision of funding and grants to financial institutions for on-lending to private and public sectors energy efficiency and renewables projects (WeBSEFF II); and
3. direct financing of larger renewables and energy efficiency projects of primarily industrial companies (WeBSEDFF II).

Under Window 1, REEP engages in policy dialogue with the authorities in order to enhance the regulatory framework enabling the ESCO concept. This will facilitate the implementation of energy efficiency projects, particularly in the public sector. Technical assistance is also available for identifying and preparing ESCO projects.

Policy dialogue also supports three priority domains: a). transposition of the Energy Performance of Buildings Directive (EPBD); b). public procurement rules and guidelines for the purchase of EE goods, works and services; and c). utility EE policies. REEP currently conducts policy dialogue and/or technical assignments in all countries in the region.

Window 2 provides funding, incentives and technical assistance to local partner financial institutions to help them build their energy efficiency (EE) and renewable energy (RE) activities. €92 million financing is available under the window; €50 million were committed to projects by the end of 2015, generating annual energy savings of 53 GWh and emission reductions of 93,000 tCO2 pa.

Window 3 targets mid-size EE and RE projects requiring up to €6 million in limited recourse project finance, a structure not regularly available with commercial banks in the region. €73 million have been committed to date, mostly to RE projects that will reduce CO2 emissions by 465,000 tpa.