Dr. Dochka Vassileva, Head of Project Planning and Institutional Cooperation at the Fund of Funds participated in the two-day workshop of the INSPIRenov project (Financial Schemes for Providing Innovation in the EE Renovation) held a few days ago in Tallinn, Estonia. The meeting marked an important step in the development of this European project aimed at creating new financial solutions for energy renovation of multi-family residential buildings in Bulgaria.
About the INSPIRenov project
INSPIRenov is funded by the LIFE+ programme of the European Commission and is a continuation of the successfully completed SHEERenov project. Its main objective is to develop and test a new-to-market financial instrument for energy renovation of multi-family residential buildings in Bulgaria.
The project is implemented by a consortium coordinated by Cleantech Bulgaria Ltd. in partnership with the Ministry of Regional Development and Public Works, Sofia Development Association, Bulgarian-Austrian Consulting Company AD, Bulgarian Facility Management Association, Sofia Municipality, as well as international partners from Hungary and Estonia.
The role of the Fund of Funds in the project
Fund of Funds as a partner of Cleantech Bulgaria Ltd. Our main mission within the project is to assist in working with banks in Bulgaria to help them assess the risks and overcome barriers to bank financing in the energy efficiency sector.
The Fund of Funds will also be actively involved in the development and testing of a pilot Blended Finance Scheme model with the international partners in the project.
The results of INSPIRenov will contribute to:
- Attracting private investment for the renovation of residential buildings;
- Making better use of public resources through innovative financial schemes to improve the energy efficiency of residential buildings;
- Shifting from 100% grant funding to sustainable financial instruments;
- Creating a working financial model to encourage citizens to take advantage of loan financing for energy efficiency projects;
The end result will be a pilot financial product for energy efficiency in residential buildings, which will help Bulgaria to make the transition to more sustainable financing of residential renovation projects and attract additional private resources.
During the two-day meeting in the Estonian capital, together with the project participants, we held a number of important workshops. We visited the Estonian Business and Innovation Agency (EIS) to discuss funding and support for owners' associations. We had a meeting at the Ministry of Climate to learn about the progress of the LIFE IP BuildEST project and national green transformation policies. We held working sessions on key project components with the active participation of all partners. The programme was organised by the Estonian Cooperative Housing Associations Union (EKYL), an organisation with high professionalism and commitment to the overall project objectives.
The INSPIRenov project fits into Bulgaria's strategic priorities for sustainable development and increasing energy efficiency in residential buildings. Within the Urban Development Fund under the "Regional Development Programme" 2021-2027, a significant resource of BGN 27 million is foreseen for energy efficiency of residential buildings to be implemented through financial instruments.
The Fund of Funds' participation in this project underscores our key role in the development of financial instruments in Bulgaria and our commitment to supporting innovative sustainable financing solutions.
