Financing Energy Infrastructure Energy Efficiency Financing Case Studies from the EU. Fiona Tutty MSc BSc Director

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1 Financing Energy Infrastructure Energy Efficiency Financing Case Studies from the EU Fiona Tutty MSc BSc Director

2 Agenda Context Summary of Financial Instruments 4 Case studies on Financed Energy Efficiency Projects in EU Project Development Assistance Key Messages

3 Energy efficiency the first fuel of the economy Energy Efficiency Financial Institutions Group

4 Irish Context 1 billion investment year on year to 2020 needed to meet energy saving targets. National Energy Services Framework National Energy Efficiency Fund There are few case studies of large scale financed energy efficiency projects in Ireland

5 Road map to 33% energy efficiency target by 2020

6 EU Context 100bn investment needed to achieve EE targets 3 Types of Projects <1 year payback 6-8 year payback - obtain finance Longer than 8 years ok to use grants 40 billion in EU funds available

7 Principles of financial instruments Types of financial instruments Loans Guarantees Equity Addressing lack of available financing Providing financing at favourable conditions Advantages of financial instruments Leverage effect Revolving nature Better quality of projects Increasing efficiency and effectiveness of EU funding Ways to implement financial instruments Tailor made 'Off-the shelf' EU level Implementation options allowing for standardisation and customising

8 Forms of Finance for Energy Efficiency European Regional Development Fund Financial Instruments Housing renovation EPC / ESCO Energy efficiency in SME Combination of financial instruments with grants Cohesion Fund Grants Deep renovation Social housing

9 Example from Italy MARTE Project Intelligent Energy Europe (Mobilising Local Energy Investments (MLEI, PDA) 15.5m investment in health sector 3 acute hospitals & 2 nursing homes Use Energy Performance Contracting models Consortium of 5 partners 2 x Regional bodies, An Energy Agency, University and Not for Profit 32 months to develop

10 Total investments Regional contribution 40% Revolving fund 42% ESCo 18%

11 Financing the 3 rd industrial revolution in France (in preparation) Objective: Financing the shift to a low-carbon economy through investment in SMEs and midcaps in the region Nord-Pas de Calais Description of scheme: A new regional investment fund will finance renewable energy, mobility, energy management, energy efficiency and resource efficiency projects through Mezzanine debt (loans subordinated to commercial bank loans) Equity (direct shareholding in companies) Project development assistance Financing: Revolving investment fund (ESIF, private investors, CDP and EIB) + Commercial banks loans Expected outcome: More than 400 million investment in around 100 enterprises

12 Example from Belgium ESKIMO Project ESCO4Gent regional approach, SME focus Partners Quares (real estate company) 3E (project facilitator) 2 non-profit organizations (Industrieweg and Drongen I) City of Ghent has energy & climate objectives Market facilitator and knowledge sharing approach

13 Netherlands upcycle buildings Comprehensive refurbishment (integrated building envelope and M&E measures) Value-added services such as comfort Simplified Measurement and Verification Appreciation of real estate property

14 Schools example ESCOPlan MEASURES within budget Windows Painting Roof EXTRA MEASURES (outside the budget) Boilers Heat Pumps Lighting Insulation municipality +

15

16 MANESCO - Cooperative business cases HE Lighting wall insulation (Saint Gobain) HE boiler, heatpumps (gas) outside insulation (Saint Gobain) heatpumps (elektrical), cold heat storage Inside insulation (Saint Gobain) 16 Installers

17 Potential funders Own Equity Debt > < 1 mio

18 Project development

19 Monetizing Assets New or retrofit buildings are upgraded on the basis of performance agreements (KPIs) (e.g meet BREEAM) Client sells building to a company (finance and manage) Company passes most of tax benefits on to the customer. A long-term agreement, the building including energy (services) are made available to the client.

20 Multidisciplinary team Financial Advisor Accountant Energy Engineer Project Coordinator Architect Procurement

21 The Business Case Preliminary Energy Audit Risk assessment Contract route Finance options Non - energy benefits

22 Standardisation

23 Project Development Assistance Structural Funds - ELENA e.g REFIT London, JESSICA etc Horizon 2020 allocates 194 million for Energy Efficiency in 2016 and 2017 Market uptake measures to remove market and governance barriers by addressing financing, regulations and the improvement of skills and knowledge. Ratio 1:15 PDA : Project Investment EE :Project Development Assistance (Sept 16) EE :Making the energy efficiency market investible (Sept 16) EE :Innovative financing schemes (Jan 17)

24 Key messages Try to keep it simple Independent intermediaries/facilitators are needed Multidisciplinary team Aggregation is needed to get scale Standardisation and standards Commitment and leadership

25 Useful resources Off the shelf instruments (Annexes to Implementing Act 2014/964/EU) Financial instruments are not rocket science fi-compass advisory platform

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