Periodic Reporting for period 2 - ENERINVEST (ENERINVEST Spanish Sustainable Energy financing Platform)
Periodo di rendicontazione: 2017-08-01 al 2019-03-31
The technical and economic viability of sustainable energy projects is of great interest to public institutions, businesses and individuals due to the associated energy savings and the additional economic and environmental benefits. The EU has articulated numerous mechanisms to encourage the mobilization of investment in terms of sustainable energy, and in Spain there are currently several of them applied to finance such projects. However, there was a set of barriers that hinders a greater development of them, standing out the lacks of:
- trust among investors in financial viability
- public and private capabilities in project structuring
- emblematic successful cases that can be a reference model.
- lack of confidence in new energy models
ENERINVEST addressed those issues by creating a consulting platform which provides financial, technical and legal solutions to sustainable energy, developed in Spain and promoted by both the public authorities and the private sector, facilitating the dialogue among the different stakeholders involved in all the SEPs phases, so that trust has been generated among the different parties. Therefore, the initiative sought:
- To become the reference national platform in the field of sustainable energy projects financing
- To cover the existing gap between the financial and the sustainable energy sectors
- To promote higher and more efficient investment in sustainable energy projects.
These objectives were achieved through a multidisciplinary work, which has been performed jointly by the public and private entities participating in the ENERINVEST partnership.
The ENERINVEST main stakeholders are: 1. Sustainable energy projects promoters, such as public authorities, private companies or individuals, 2. Financial entities, such as banks, private investors, capital funds, crowdfunding initiatives, etc. and 3. Policymakers and regulatory bodies responsible at national, regional or local levels. Moreover, other interested groups might be electric suppliers, energy consumers, technological and components companies, energy service companies, communication-media or academic institutions, which are invited to participate in all activities performed throughout the project.
- trust among investors in financial viability
- public and private capabilities in project structuring
- emblematic successful cases that can be a reference model.
- lack of confidence in new energy models
ENERINVEST addressed those issues by creating a consulting platform which provides financial, technical and legal solutions to sustainable energy, developed in Spain and promoted by both the public authorities and the private sector, facilitating the dialogue among the different stakeholders involved in all the SEPs phases, so that trust has been generated among the different parties. Therefore, the initiative sought:
- To become the reference national platform in the field of sustainable energy projects financing
- To cover the existing gap between the financial and the sustainable energy sectors
- To promote higher and more efficient investment in sustainable energy projects.
These objectives were achieved through a multidisciplinary work, which has been performed jointly by the public and private entities participating in the ENERINVEST partnership.
The ENERINVEST main stakeholders are: 1. Sustainable energy projects promoters, such as public authorities, private companies or individuals, 2. Financial entities, such as banks, private investors, capital funds, crowdfunding initiatives, etc. and 3. Policymakers and regulatory bodies responsible at national, regional or local levels. Moreover, other interested groups might be electric suppliers, energy consumers, technological and components companies, energy service companies, communication-media or academic institutions, which are invited to participate in all activities performed throughout the project.
Regarding the most relevant specific objectives, the work carried out during the reporting period and the related deliverables are:
• Management, Coordination and Quality assessment and Control activities of the project:
o Elaboration of a Project Management Plan
o Frequent meetings and contact among all nine partners, together with their associated minutes to gather the decisions made and assess project’s advances
o Direct contact to other European Commission funded projects related to the ENERINVEST objectives and the assistance as presenters to the “Energy Efficiency Finance Market Place”, an event held by EASME.
Apart from the first one, all the previous mentioned activities are going to be active until the end of the project in the same way due to the success of the mid-term results.
• Financial, Legal and technical framework SEP models activities of the project:
o Preparation of data and information gathering and compiling it
o Verification of the compiled information with the technical and financial experts Focus Groups.
• Innovative financial models activities of the project:
o Benchmarking of innovative financing successful cases in Europe, the USA and Spain, and data gathering of the most pioneering models and schemes
o Creation and edition of a Map of Experiences, and a Guide for SEP Investors and Promoters in Spain.
These activities (SEP models framework and Innovative financial models) were successfully concluded. Their results are used by the ENERINVEST consortium as input to the e-platform and the financial assessment tool is available as well to help user in SEP execution. The abovementioned stakeholders verified these results through different
internal and external working sessions.
• Concerning the SEP e-platform, the following work has been performed:
o Build up the e-platform and the financial assessment tool
o Periodical modifications based on the necessities by external users or administrators.
All expected results for this period have been obtained although it will be an ongoing activity until the end of the project. To achieve the main objective of being accepted for the market and to become a reference platform in Spain improving the e-platform’s content and features will be in order.
• Strengthening & Encouraging SEPs activities:
o Setting up and running the Collective Events Focus Group, the Assistance Focus Groups, the Forums Focus Groups and the Connecting Initiatives Focus Group, the Financial Focus Group and the Promoters Focus Group to involve the technical stakeholders
o Building up a user’s matching section in the financial assessment tool
o Organizing different types of events: Face-to-face meetings between promoters and investors and Collective events to discuss about the best SEP financing solutions.
All the obtained information in the working sessions is collected in order to provide at the end of the project new financial models and strategies, a set of documentation for standardization, and to provide recommendations to policymakers, solutions and best practices to SEP developers. The stakeholder’s suggestions and opinions about
the different events are also collected in order to improve future events and to foster sustainable energy investments.
• Communication and Dissemination Activities:
o Working out the necessary tools for proper C&D
o ENERINVEST helds public events, publishes news, use social media, updates their website, and participates in external related public events
o Webinars with Energy Agencies
Impact statistics obtained during this period have been satisfactory although some improvements have been detected. All detailed information has been recorded in the respective tracking documents.
• Management, Coordination and Quality assessment and Control activities of the project:
o Elaboration of a Project Management Plan
o Frequent meetings and contact among all nine partners, together with their associated minutes to gather the decisions made and assess project’s advances
o Direct contact to other European Commission funded projects related to the ENERINVEST objectives and the assistance as presenters to the “Energy Efficiency Finance Market Place”, an event held by EASME.
Apart from the first one, all the previous mentioned activities are going to be active until the end of the project in the same way due to the success of the mid-term results.
• Financial, Legal and technical framework SEP models activities of the project:
o Preparation of data and information gathering and compiling it
o Verification of the compiled information with the technical and financial experts Focus Groups.
• Innovative financial models activities of the project:
o Benchmarking of innovative financing successful cases in Europe, the USA and Spain, and data gathering of the most pioneering models and schemes
o Creation and edition of a Map of Experiences, and a Guide for SEP Investors and Promoters in Spain.
These activities (SEP models framework and Innovative financial models) were successfully concluded. Their results are used by the ENERINVEST consortium as input to the e-platform and the financial assessment tool is available as well to help user in SEP execution. The abovementioned stakeholders verified these results through different
internal and external working sessions.
• Concerning the SEP e-platform, the following work has been performed:
o Build up the e-platform and the financial assessment tool
o Periodical modifications based on the necessities by external users or administrators.
All expected results for this period have been obtained although it will be an ongoing activity until the end of the project. To achieve the main objective of being accepted for the market and to become a reference platform in Spain improving the e-platform’s content and features will be in order.
• Strengthening & Encouraging SEPs activities:
o Setting up and running the Collective Events Focus Group, the Assistance Focus Groups, the Forums Focus Groups and the Connecting Initiatives Focus Group, the Financial Focus Group and the Promoters Focus Group to involve the technical stakeholders
o Building up a user’s matching section in the financial assessment tool
o Organizing different types of events: Face-to-face meetings between promoters and investors and Collective events to discuss about the best SEP financing solutions.
All the obtained information in the working sessions is collected in order to provide at the end of the project new financial models and strategies, a set of documentation for standardization, and to provide recommendations to policymakers, solutions and best practices to SEP developers. The stakeholder’s suggestions and opinions about
the different events are also collected in order to improve future events and to foster sustainable energy investments.
• Communication and Dissemination Activities:
o Working out the necessary tools for proper C&D
o ENERINVEST helds public events, publishes news, use social media, updates their website, and participates in external related public events
o Webinars with Energy Agencies
Impact statistics obtained during this period have been satisfactory although some improvements have been detected. All detailed information has been recorded in the respective tracking documents.
The main expected result wasto become the reference national platform, a relevant information source, and online matching tool in the field of sustainable energy.
Additionally, the expected impacts from the project are:
- Reduce uncertainty - increase investors' confidence and trust: ENERINVEST has started raising awareness among target groups in events focused on technical and/or financial players and focus groups.
- Innovative asset valuation methodologies agreed by the market: it has developed a computer-based SEP assessment tool that matches the main technical and financial issues related to this typology of projects. This tool includes the valuation of investment and assess from cost savings and energy generation perspective; it will be constantly
updated by means of all analysis and databases.
- Standardized descriptions of sustainable energy investments or measures/contracts: case studies have been performed on seven different kinds of SEP within legal, financial and technical issues, and data has been gathered regarding grants and subsidies at local, regional, state and European levels as well as the Spanish legal, financial and
technical frameworks.
Best practices among these case studies have been collected in a handbook.
- Labelling schemes or harmonised frameworks for sustainable energy investments (to be achieved)
- National strategies for financing sustainable energy investments (to be achieved)
Additionally, the expected impacts from the project are:
- Reduce uncertainty - increase investors' confidence and trust: ENERINVEST has started raising awareness among target groups in events focused on technical and/or financial players and focus groups.
- Innovative asset valuation methodologies agreed by the market: it has developed a computer-based SEP assessment tool that matches the main technical and financial issues related to this typology of projects. This tool includes the valuation of investment and assess from cost savings and energy generation perspective; it will be constantly
updated by means of all analysis and databases.
- Standardized descriptions of sustainable energy investments or measures/contracts: case studies have been performed on seven different kinds of SEP within legal, financial and technical issues, and data has been gathered regarding grants and subsidies at local, regional, state and European levels as well as the Spanish legal, financial and
technical frameworks.
Best practices among these case studies have been collected in a handbook.
- Labelling schemes or harmonised frameworks for sustainable energy investments (to be achieved)
- National strategies for financing sustainable energy investments (to be achieved)