The European Local ENergy Assistance (ELENA) facility will receive €97 million in funding from the European Commission to support project development services for energy-efficiency investments in privately and publicly owned housing. The European Investment Bank (EIB), which implements ELENA, will provide assistance and expertise and act as the point of contact.
The EU Member States agreed in December 2018 to reduce energy consumption by 32.5% by 2030. This target, a central provision of the clean energy package, requires large investments, especially in residential buildings, which account for around 40% of the EU’s total energy demand. The acceleration of energy-efficient housing refurbishment is a key European priority and ELENA's primary focus.
The new funds are fully in line with the targets of the Smart Finance for Smart Buildings (SFSB) initiative to make investments in energy-efficiency projects in residential buildings more attractive to private investors.
EIB HQ
The European Investment Bank Head Office in Luxembourg. Photo: Independent
The funds will be mainly used for project development services for households and homeowner associations aimed at increasing comfort and reducing energy bills. The money may also be used to help other organisations, such as banks and financial institutions, to set up and deploy financial instruments and loans for energy-efficiency improvements in the residential sector.
European Commissioner for Climate Action and Energy Miguel Arias Cañete said: “ELENA is a great example of the effective use of public money. Every euro we have spent over the past years has attracted an additional EUR 40 in investments – for lower energy bills, greater comfort and lower GHG emissions. Consequently, we decided to fund up to 90% of the energy-related project development costs of the investments with ELENA. I want to encourage potential beneficiaries especially from central, eastern and south-eastern Europe to apply for the funds.”
Ahead of the Covenant of Mayors Investment Forum, EIB Vice-President in charge of energy Andrew McDowell added: “Accelerating energy efficiency investments in residential buildings to reduce carbon emissions and better cope with a changing climate is crucial. Schemes around the world already show how technical preparation and financing can make a huge difference in attracting investment into building renovation. I warmly welcome the new support given by the European Commission. With the assistance of the EIB, this new envelope will significantly boost energy efficiency in buildings and thus improve the life of many European citizens.”
2019 sees ELENA's tenth anniversary and over the past decade, more than 80 beneficiaries have received financial support of over €160 million. The grants are distributed via commercial banks to homeowner associations for preparation and implementation of energy-efficiency investments in multi-apartment buildings.
Projects have included energy audits for residential housing in Poland, and renewable energy investments in Belgium, the Netherlands and Denmark. ELENA’s support in carrying out these investments will lead to energy and cost savings, while increasing the use of renewable energy sources in residential buildings, which will ultimately reduce greenhouse gas emissions.
Back to Homepage
Back to Energy & Utilities