- Increase fontDecrease font Text size
Detail of GEF Project #1541
| GEF Project ID | 1541 |
| IBRD PO ID | 506396 |
| Funding Source | GEF Trust Fund |
| Project Name | Commercializing Energy Efficiency Finance (CEEF) - Tranche I |
| Country | Regional |
| Region | Europe and Central Asia |
| Focal Area | Climate Change |
| Operational Program | 5 |
| Pipeline Entry Date | 2002-03-05 |
| Approval Date | 2002-05-17 |
| CEO Endorsement Date | 2002-10-06 |
| GEF Agency Approval Date | 2002-10-31 |
| Project Completion Date | 2006-03-03 |
| Project Status | Project Completion |
| Executing Agency | International Finance Corporation (IFC) |
| Description | The project is a replication of the Hungary Energy Efficiency Co-financing Program. IFC will employ a contingent financing modality which uses GEF resources to leverage IFC and private capital. Under the Project, IFC will provide partial guarantees, and related credit enhancement mechanisms adapted to country market conditions, supporting the financing of energy efficiency (EE) projects by domestic financial institutions (FIs), as well as private project sponsors. IFC will serve as guarantor pursuant to guarantee facility agreements with participating local FIs. IFC resources will be combined with GEF funds as reserves supporting the guarantees. The Project includes a complementary technical assistance (TA) program to develop a pipeline of finance-ready EE projects and to build commercial capacities of EE businesses and participating FIs. The Project will mobilize local financial and EE industry resources and commercialize EE finance by engaging key parties -- FIs, EE and energy service company businesses and end-users -- to implement EE projects on commercial terms. |
| Implementation Status | CEEF became fully operational in March 2003 with the field implementation offices fully staffed and equipped. An internal launch workshop was held in Budapest where the new CEEF team had an opportunity to learn first hand about the implementation of HEECP. To date Guarantee Agreements have been signed in Latvia (2 banks and 2 leasing companies), Slovakia (1 bank) and Czech Republic (1 bank and 1 leasing company). Lithuania (2 banks) and a cooperative agreement in place in Estonia with 1 bank. Transactions completed in all markets with pipeline in place. CEO endorsement received on March 6, 2002. |
| GEF Project Grant | 11,250,000 USD |
| GEF Grant | 11,250,000 USD |
| Cofinancing Total | 20,850,000 USD |
| Project Cost | 32,100,000 USD |
| GEF Agency Fees | 1,200,000 USD |
| GEF Project (CEO Endo.) | 11,250,000 USD |
| Cofinancing Total (CEO Endo.) | 20,850,000 USD |
| Project Cost (CEO Endo.) | 32,100,000 USD |
| Project Documents |
|
Related Links: Country Profile | Project Search