Ukraine EE Fund

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The Government of Ukraine has established the Energy Efficiency Fund (EEF) to support energy efficient (EE) modernization of Ukraine’s residential housing stock. The EEF will be funded by the Government of Ukraine and will provide grants to homeowners of multi-family buildings to perform EE retrofits in their buildings. To support the Government of Ukraine, the European Union and the Federal Republic of Germany have contributed EUR 100 million into an IFC-managed multi-donor trust fund (MDTF) to provide grant assistance to HOAs to co-finance the implementation of energy efficiency measures in multi-family buildings. To support the EEF, IFC has launched a comprehensive advisory services project (the Project) that aims to support the EEF, manage donors’ contributions and create a market environment conducive for facilitating energy efficient renovation of multi-family buildings in Ukraine. The Project aims to support the EEF in disbursing grants to approximately 5,900 homeowners’ associations (HOAs) to co-finance energy efficient renovation in their multi-family buildings facilitating total investment of about $235 million. The Project is funded by the European Union and will be focused on the following: 1. Supporting the setup and operations of EEF, the innovative instrument for energy efficiency improvements in the residential sector in Ukraine. IFC will work with EEF to ensure a proper and transparent governance framework is in place to channel grants to HOAs through partner financial institutions. IFC will also share responsibility with EEF in reviewing grant applications. 2. Raising awareness of house-owner associations (HOAs) about benefits of energy efficiency improvements of their buildings and how EEF can help, as well as assisting HOAs to prepare applications for partial grants. IFC will carry country-wide awareness-raising campaign and, through its network of regional advisors, will be working with around 6,000 HOAs to support them throughout the grant application process. 3. Partnering with financial institutions to help them design residential energy efficiency loan products for HOAs, as well as services that are aligned to EEF’s grant approval and disbursement process. 4. Managing the multi-donor trust fund setup to provide grants to HOAs alongside EEF.