Repayable assistance innovative financial instrument
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1 Repayable assistance innovative financial instrument Vaida Lauruševičienė Assistance Programmes Division Public Investment Development Agency tel:
2 I. Legal basis II. Main differences from other forms of financing III. Implementation scheme IV. Challenges tel. (8 5)
3 Legal basis: chronological aspects (EU) : Article 43 (a) of Council Regulation 1083/2006 (as amended by Regulation (EU) No 1310/2011 of ) defines repayable assistance as credit line and reimbursable grant : Article 66 CPR defines four different forms of support from ESI Funds: grants, prizes, repayable assistance and financial instruments. The legislator, thus, differentiates repayable assistance as such from grants and financial instruments. Guidance for Member States on Definition and use of repayable assistance in comparison to financial instruments and grants Challenge: Differentiation between loan and repayable assistance Financial products containing an unconditional obligation to repay with clear timing of repayment and quantified amount of repayment should not be treated as repayable assistance
4 Legal basis: chronological aspects (LT) In Lithuania did not apply repayable assistance; renovation of public buildings was financed through grants : In the national law RA is defined as: the form of financing of the project, when the project support will be partly or full repaid under the conditions stipulated in the project contract by the promoter The investments repaid by the beneficiary become the ownership of LT. The amounts returned are going to be reused for the same purposes, e.g. for energy efficiency investments or in line with the objectives of the relevant operational programme as stated in Article 66 (2) of the CPR.
5 Legal basis: examples for operations supported by RA A. B. C.. operations with an unpredictable outcome: ESIF support will have to be repaid only in case the operation succeeds operations with measurable policy objectives: ESIF programme support will have to be repaid in case the expected policy objectives are not achieved operations generating profits for which additional policy results/impact are desired. ESIF programme support takes the form of repayable support which might be partly transferred into non-repayable support subject to the achievement of certain performance indicators
6 Main differences from other forms of financing Loan Grants RA REPAYMENTS unconditional full repayment the repayments will not reduce the amount of eligible expenditures declared under the operation no repayment - repayment according to the conditions formulated in the repayable assistance agreement - the repayment will not reduce the amount of eligible expenditures CAPITAL REBATES not applicable not applicable possible for part or the full amount INTEREST according to the loan agreement not applicable not applicable PAYMENT DECLARATION payments declared following the set-up of the fund in tranches according to art 41 CPR and confirmed eligible at closure according to art. 42 reimbursement of eligible costs actually incurred and paid together with where applicable, contributions in kind and depreciations or by simplified costs on the basis of art. 67 CPR idem grants BENEFICIARY the body which implements the fund of funds or the financial instrument, as appropriate either the public or private body responsible for initiating or initiating and implementing the operation (i.e. the enterprise or other entity receiving support), or in case of state aid, the body which receives the aid idem grants RULES ON THE DEDUCTION OF NET REVENUES not applicable applicable in accordance with article 61 and 65 (8) CPR applicable in accordance with article 61 and 65 (8) point c) CPR OPERATION financial contributions from a programme to financial instruments and the subsequent financial support provided by those financial instruments project, contract, action or group of projects selected by the managing authorities of the programmes concerned, or under their responsibility that contributes to the objectives of a priority or priorities idem grants
7 Implementation scheme first steps List of buildings made by the Ministry of Energy YES Could the building get a loan or is it eligible for ESCO? NO Renovation of the building Using a loan or using the ESCO model Using RA
8 Implementation scheme next steps List of projects The MoE (Intermediate body) Implementig body Repaid funds Project Beneficiary Treasury payments Energy costs Energy savings Energy costs Before renovation After renovation
9 Implementation scheme who? Stakeholder The MoE is the institution which sets: the rules for projects financing who are the final beneficiaries what amount of funds should be contributed to the supported area; what are the main selection criteria for projects. The fund is administered by VIPA, which acts as the implementing body Beneficiaries state owned public buildings Selection criteria: energy efficiency class lower than C the final energy consumption reduction is not less than 30 % (after renovation) did not receive a loan or was not inappropriate for an ESCO model Allocation for the implementation of the instrument 28,8 m EUR
10 Implementation scheme - Eligible expenses Construcion works Preparation of an investment project Preparation of energy audit, energy certificate Eligible expenses 28,8 mln. EUR Preparation of a technical project Project hosting services Payrolls and administration services 1 January December 2023
11 Implementation scheme project The amount of the subsidy to be refunded will depend on the amount of energy saved after implementation of project. After the submission of the final payment claim VIPA and the beneficiary agree on a schedule for the repayment of funds. Reimbursement term up to 20 years, returns begin next year after completion of the project. The repayment amount can not be less than 30% of the value of the modernization works. Repayment once a year - by June 30 th of current year. The schedule for the repayments might be changed (not more than every 3 years) if there is a need. Returns through the planning and reduction of appropriations.
12 Implementation scheme repayments Treasury payments before renovation Energy costs Project Treasury payments after renovation Energy savings Repaid funds Energy costs The MoE
13 Implementation scheme Schedule The schedule for the repayments After implementation of the project, (enter the name of the project beneficiaries), according to this schedule, must repay an annual sum of KWh of Termal energy and/or the amount of KWh of Electric energy and/or the amount of money equal to KWh of Heating energy for hot water. Year after implementation of the project Thermal energy Annual energy savings, KWh Electric energy Heating energy for hot water Savings, EUR/year Term Comments 1. up to 20xx up to 20xx up to 20xx up to 20xx Preliminary TOTAL REIMBURSEMENT xxx
14 Implementation scheme status 1 End 2017 MoE received 24 project proposals 3 In March 2018 call for applications 2 At the end of February 2018, a state list of projects is expected 4 In June 2018 contracts are signed
15 CHALLENGES example in the Guidance Energy efficiency projects are not mentioned in the Guidance and they don t actually fit into any of the 3 examples Answer COM: Certain types of energy efficiency projects could indeed be covered by repayable assistance, i.e. if it isn t possible in advance to determine the appropriate mix of grant and loan which is subject to the achievements of efficiency targets
16 CHALLENGES revenues In article 61(1) CPR is said that Operating cost savings generated by the operation shall be treated as net revenue unless they are offset by an equal reduction in operating subsidies. In the Guidance it is mentioned only one exception repayable assistance subject to a full repayment obligation. Good news from OMNIBUS: In order to give a strong incentive to the implementation of energy efficiency measures, cost-savings that result from the increase of energy efficiency by an operation should not be treated as net revenue. This should be approved in February-March 2018.
17 CHALLENGES state aid 1. Various buildings: cultural, educational, medical, administrative GBER article or scheme What amount of aid should be registered? In the terms of the financing: state aid provided for cultural buildings (article 53 GBR) and de minimis for tenants of the premises.
18 CHALLENGES motivation The bulk of the beneficiaries are budget institutions which are supported by state appropriations... More desirable than possible......good opportunity to renovate when there are no other sources of funding...
19 CHALLENGES future plans To increase the attractiveness of financial products FI+RA for energy efficiency projects
20 THANK YOU FOR ATENTTION!
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