The EERSF was established through the Energy Efficiency Act adopted by the Bulgarian Parliament in February 2004. EERSF manages the financial resources received by the Republic of Bulgaria from the Global Environment Facility (GEF) through the International Bank for Reconstruction and Development (IBRD) and from other donors. EERSF is an independent public legal entity, separate from any governmental agency or institution. It performs its activity in accordance with the EEA, Energy from Renewable Sources Act (ERSA), current legislation framework, and the agreements with the major donors.

EERSF is structured as a self-sustainable commercial entity that concentrates its efforts to facilitate sustainable energy investments, and to promote the development of a working EE/RE market in Bulgaria. The Fund’s main environmental objective is to support the identification, development and financing of viable EE/RE projects, resulting in substantial reduction of greenhouse gases.

EERSF has the combined capacity of a lending institution, a credit guarantee facility and a consulting company. It provides technical assistance to Bulgarian enterprises, municipalities and private individuals in developing energy efficiency investment projects and then assists their financing, co-financing or plays the role of guarantor in front of other financing institutions. The underlying principle of EERSF’s operations is a public-private partnership. The Fund is operated by a private fund manager and pursues an agenda fully supported by the Government of Bulgaria.


The financial resources of the EERSF can be used to finance only the following types of investment:
1. Investments in improved EE in industrial processes, including but not limited to purchase of equipment, machinery, and tools; technical assistance and advice for proper installment of the equipment; and training of staff in the proper use of the equipment and new technologies.

2. Rehabilitation of buildings in all sectors, including but not limited to, industrial, commercial, multi-family residential, single-family residential and municipal buildings at all levels, healthcare facilities, schools, universities, and cultural facilities. The rehabilitation should be directed towards improving EE.

3. Improvements to heat sources and distribution systems, including but not limited to new high-efficiency boilers and burners, automatic boiler control systems, and separate domestic hot water heaters for summer usage.

4. Other energy end-use applications, including but not limited to energy management control systems, power factor correction measures, air compressors, and fuel-switching.

5. Rehabilitation of municipal facilities, e.g. street lighting.


Between mid-2006 (when it was first launched) and the end of July, 2019 EERSF provided EE loans to a total of 209 projects, with the total project investment reaching more than BGN 92.3 million (US$ 53 million). Additionally, over the course of this period, the Fund provided partial credit guarantees or portfolio guarantees to 33 projects, with the total project investment amounting to BGN 24 million.
As of July 31, 2019 the investments financed or guaranteed by EERSF achieved 126 000 MWh in energy savings and avoided 91 196 t CO2eq in emissions.

Last updated September 24, 2019