| 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. Organisations involved • 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). |
| Demonstration Country | Estonia |
| Demonsration Reference | http://citynvest.eu/sites/default/files/library-documents/Model%2023_KredEx%20Revolving%20Fund%20Estonia_final.pdf |
| Does the demonstration include any of these asset classes? | Privately owned |
| Business Model | Demand Response (DR) |
| Financing Solution | Energy Efficient Mortgage (EEM) |
KredEx Revolving Fund
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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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The project ‘Climate Positive Circular Communities’, short name ARV, is funded by the European Green Deal initiative as an Innovation Action within the Horizon 2020 Framework Programme. The enclycopenergy is a flower germinating from the ARV in order to map the world state of art when it comes to energy efficiency financing, business models and regulatory frameworks. The Green Digital Finance Alliance as an ARV Consortium partner is in the lead of such an effort.
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The Encyclopenergy is a crowd-open-sourced encyclopedia of energy efficiency enablers. It is a crowdsourced global catalogue of financing tools, business models, and regulatory frameworks enabling, empowering, and scaling energy efficient solutions for the built environment. It also offers intelligence to list demonstrations and organization working in the field with the hope this will be a boomerang to boost the renovation wave.
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