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Detail of GEF Project #883

GEF Project ID883
Funding SourceGEF Trust Fund
Project NameEnergy Efficiency Project
RegionEurope and Central Asia
Focal AreaClimate Change
Operational Program5
PDF-B Approval Date2000-02-02
Approval Date2000-11-01
CEO Endorsement Date2002-08-20
GEF Agency Approval Date2002-09-19
Project Completion Date2008-06-30
Project StatusProject Closure
GEF AgencyWorld Bank
Executing AgencyROMANIA Foundation for Energy Efficiency
DescriptionThe objective of the proposed project is to foster a large increase in energy efficiency investment in Romania through development of a self-sustaining, market-based mechanism. The project’s goal is focused on the development and implementation of commercially viable energy efficiency investment projects, which can provide sustainable and increasing reductions in GHG emissions without public subsidy. The project would achieve this by buying down the perceived high risk and high transaction costs of initial investments, providing interest free seed capital to the fund, and overcoming the current barriers to expanding investment, through the creation of a self-sustaining, market-based energy efficiency project development and financing fund. The fund would directly support the implementation of a growing number of energy efficiency projects on fully commercial lending terms, demonstrating means to overcome current barriers and make profits through such projects. With initial success, the fund can also foster, through both demonstration effects and explicit partnerships, expanded investment by other market players, such as commercial banks or energy service companies (ESCOs). Without the intervention of the project to break through the current logjam, however, the barriers described previously will stifle market development and any progress in energy efficiency investment over the next five years, just as occurred during the past five years.
Implementation StatusBased on the supervision mission conducted during 1/28- 2/03, 2004 to achieve the following: (a) to discuss and draft FREE Business Plan; (b) hold discussions with UNDP their ongoing efforts to identify and develop EE projects etc.; (c) discuss with FREE officials request for TA from Italian Government. It was reported that while the implementation progress could have been better, it is proposed to remain satisfactory but would be revisited in May/June.
PDF B Amount
350,000 USD
GEF Project Grant
10,000,000 USD
GEF Grant
10,350,000 USD
Cofinancing Total
40,000,000 USD
Project Cost
50,350,000 USD
GEF Agency Fees
1,039,000 USD
GEF Project (CEO Endo.)
10,000,000 USD
Cofinancing Total (CEO Endo.)
24,000,000 USD
Project Cost (CEO Endo.)
34,350,000 USD
Project Documents

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