Slovak Republic: EU / EBRD MFF MFFEE (Municipal Finance Facility – Energy Efficiency) Window – Verification Consultant

The European Bank for Reconstruction and Development (the "EBRD" or the "Bank") engaged a consultant to provide assistance with monitoring and verification of the implementation of the EU/EBRD Municipal Finance Facility - Energy Efficiency Window (the "MFFEE" or the "Facility") in the Slovak Republic.

There is still a substantial potential for energy efficiency improvements in the public sector in Slovakia. It is driven by increasing energy prices and lack of attention to energy efficiency investment in the past. There are numerous municipalities, which have significant investment needs in energy efficiency. There is also a requirement for technical assistance for the identification, the development and the implementation of energy efficiency projects. 

The barriers that prevent municipalities from implementing energy efficiency have the potential to be overcome through cooperation with Energy Service Companies ("ESCOs") and possibly through bundling of projects as part of joint procurement initiatives. ESCOs have a successful track record in Slovakia, and are strongly positioned to support municipalities in energy efficiency; in fact they themselves see municipalities as their largest untapped market.

Through the Facility, the Bank extended dedicated loans to local participating banks ("PBs") worth up to EUR 40 million for energy efficiency investments which contributed to the improvement of the energy performance of municipal infrastructure, including buildings. The Facility was supported by a grant from the EU of about EUR 5 million to fund incentives to the sub-borrowers and PBs.

Type of Services provided:

• Visited the sites of each energy efficiency sub-project (buildings, industrial projects and/or infrastructure projects) when the sub-project has been substantially completed;
• Evaluated the completion and commissioning of the EE sub-project, confirming its compliance with the initial plans contained in the EE sub-project application;
• Checked if the Energy Performance Certificate (as required by EPBD) was handed over to sub-borrowers for sub-projects in municipal buildings;
• Provided the PC, EBRD and relevant PH, an opinion on whether the sub-project was completed substantially in line with the REUP, EA/EPBC and/or other documentation and eligibility criteria;
• Verified the relevant energy savings indicators for all sub-projects.

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