| Demonstration Name | Jessica II national renovation programme |
|---|---|
| Demonstration Description | The scheme aims to support energy efficiency and the use of renewable energy: Duration: 2009 - 2023 Target group: home-owners in multi-apartment buildings Organisations involved: o European Investment Bank o Financial intermediaries (commercial banks and public agency) o Ministry of Finance and Ministry of Environment o National housing cooperatives and home-owners Funding method: ERDF funds, private resources and JESSICA reflows Financing method: preferential loans (issued at a 3% fixed interest rate with maturity of a 20 years) Jessica is a revolving financial instrument, which blended EU and national funds to bridge the financing gap for energy efficiency projects in Lithuania. In addition, homeowners were initially eligible for up to 40% subsidy upon reaching certain energy efficiency goals after the renovation. One important priority was to maximise the leverage of its assets through private finance in order to minimise national public contributions to the scheme. To this end, the fund manager (the European Investment Bank) created a specific instrument called ‘pre-financings’, which are secured by the future re-flows from the Jessica II portfolio. This instrument was used to attract €180 million of resources from financial intermediaries, including commercial banks and a public agency. This was the first time that these institutions took risks on these type of loans in Lithuania. All of Lithuania’s 60 municipalities have participated in the Modernisation Programme and this latter had a positive effect on job creation and economic growth. Transferability of the project The following elements are crucial to be followed: • Strong support from the public sector at regional or national level – the programme may need to be customised in order to better bridge the market gap. • Subsidised loan support scheme – the initiative must be affordable to the home-owners and they have to clearly see a payoff in a reasonable timeframe, • Existence of dedicated housing providers – required to facilitate the mobilisation of home-owners to engage in the programme. • Expertise from the public sector side, the housing associations and the financial intermediaries – efficient project pipeline management, project preparation, procurement processes and financing procedures. • Trust between participants – assurances aid developing trust in the programme, which leads to higher interest from the public to participate, and increased private sector invests which leverage the available public funds. |
| Demonstration Country | Lithuania |
| Demonsration Reference | https://www.energypoverty.eu/observatory-documents/jessica-ii-fund-multi-apartment-building-modernisation |
| Funding parties | European Investment Bank |
| Does the demonstration include any of these asset classes? | Privately owned |
| Business Model | Demand Response (DR) |
| Financing Solution | Energy Performance Contract (EPC) |
Jessica II national renovation programme
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We have fund our selves at a crossroads. Buildings energy efficiency is not moving fast enough to meet the Paris Agreement goals. Innovative financial instruments, business models and regulatory frameworks are urgently needed.
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