|Demonstration Name||KredEx Revolving Fund|
|Demonstration Description||The KredEx Fund’, started in 2009, has been provided by ERDF, the Government of Estonia, the Council of Europe Development Bank (CEB) and by the KredEx Foundation.|
Aim of the Fund: to renovate at least 1,000 buildings and to target energy savings of at least 20% for buildings with a net area of less than 2000 m² and at least 30% for buildings with a net area of more than 2000 m². The Fund provided revolving project finance, under the “Apartment building renovation loan programme” to multi-family apartment building owners and housing associations who wish to improve the energy performance and living conditions of their homes, achieve substantial energy savings and reduce their energy consumption. It also administers grants in the energy efficiency and housing sector on behalf of the Estonian national and local authorities.
• Government of Estonia
• the Council of Europe Development Bank (CEB)
• KredEx Foundation which acts as an intermediary for reconstruction grants and grants related to efficiency audits, expert evaluation and project design documents
Funding: €72 million (including €3 million ERDF and about €40 million coming from the sale of CO2 emission allowances)
The Fund is in line with the European Commission’s recommendation to have an alternative use of the available ERDF funds for sustainable urban development which were before mainly used as a grant instrument. From 2014, the scheme is combined with PDA, as well as performance-based grants.
Target group: home-owners in multi-apartment buildings
Financing method: The Fund provides preferential loans and loan guarantees (for renovation of apartment buildings).
|Does the demonstration include any of these asset classes?||Privately owned|
|Business Model||Demand Response (DR)|
|Financing Solution||Energy Efficient Mortgage (EEM)|
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