Skip to main content

Type: Horizon 2020 Coordination and Support Action

Countries: Austria, Spain, Italy, Slovenia, Croatia, Greece, Czech Republic, Latvia and Ukraine.

Duration: 2020-2023

REFINE aims to contribute to the supply of sufficient and attractive financing sources to EEI (Energy Efficiency Improvement) investments through the enhancement of refinancing schemes which are important amplifiers of the market growth.

Contributing organisations are working with partners from the business, finance, and energy efficiency industries to develop solutions which will make funding energy efficiency projects easier for all parties including financial institutions, energy efficiency service (EES) providers and for clients in both the private and public sector. The REFINE project has identified the lack of attractive financing options for EES projects as a major barrier to the development of a robust EU energy efficiency market.

Creara has led the market research activity and is also part of the early adopters group, responsible for supporting refinancing instruments and structures to increase the number of energy efficiency projects on the Spanish market.

Results achieved

Partners in the REFINE project conducted extensive market research including case studies on existing refinancing instruments in Austria, Czech Republic, Belgium and Latvia. The document provides model examples for further development of the refinancing instrument concepts suitable for other EU countries. Additionally, the project’s partners produced a thorough market assessment report into existing sources for financing in nine countries across Europe. Some of the key findings showed that although the EES market is increasing in those countries analysed, refinancing schemes were found to be underdeveloped in most. The report shows a common interest in models that support EES market growth and clear the balance sheets of EES providers. Full results can be explored here.

Following this research, REFINE partners have now begun to work on developing new tools to simplify and streamline the process of refinancing for energy efficiency projects. Most recently, members of the consortium held online stakeholder workshops covering the use of established REFINE products thus far including refinancing instruments, financial models and legal contracts.

Project website: