When it comes to energy efficiency and innovative financing solutions, the city of Koprivnica is one the leading local authorities in Croatia. Together with its strategic partner Regional Energy Agency North (REA North), the municipality explored the opportunity to set up a local energy revolving fund that would finance its sustainable energy actions in the public sector.
Just before the Christmas break, the City Council unanimously adopted the proposal for establishing an energy revolving fund that is operating since January 2016. The initial size of the fund – seed money – is €20,000 but the city already plans to attract external co-financing sources and additional funds to boost the fund in the second half of 2016.
The fund will finance the implementation of energy efficiency projects that aim at a greater reduction in energy use and significant financial savings resulting from lower energy bills and maintenance costs. The fund is also expected to improve the way energy investments are planned, designed and implemented (e.g. preparation or procurement of energy-related documentation), to speed up and simplify decision-making as regards investments, and bring financial benefits.
Basic operational scheme of the revolving fund:
The city and REA North took several key measures before creating the fund, including:
The business model of the fund describes organisational, management and financing aspects, its goals and expected benefits.
|City of Koprivnica and REA North could carry out these activities thanks to the support of the INFINITE Solutions project, coordinated by Energy Cities and co-financed by the European Commission in the framework of the Intelligent Energy Europe programme. |
Discover the financing solutions set up by 10 European cities on the INFINITE Solutions website!
January 28, 2016