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Caucasus Energy Efficiency Programme II (CEEP II)

Submitted by Baerbel Epp on March 3, 2014

In 2007, the European Bank for Reconstruction and Development (EBRD) launched its Caucasus Energy Efficiency Programme (CEEP) a USD 60 million credit line for investments in energy efficiency measures and renewable energy projects in Armenia and Georgia. In July 2013, EBRD extended the programme with further USD 40 million unter the title CEEP II. In the framework of CEEP II there are two Sustainable Energy Financing Facilities for Armenia and Georgia, the Armenian credit line ArmSEFF and the Georgian Energocredit. In both countries ERBD granted commercial banks and other financial institutions loans which they make available to corporate and private clients for investments in energy efficiency measures and renewable energy projects like solar thermal installations.

Country / Region

The Caucasian countries Armenia and Georgia

Name of programme

Caucasus Energy Efficiency Program II (CEEP II)

Type of incentive

Combination of loans and grants for private companies and individuals for energy efficiency and renewable energy investments

Eligible technologies

Solar water heaters, solar cooling systems and solar thermal dryers among other energy efficiency measures and renewable energy technologies

Applicable sectors

Residential and commercial


Up to USD 2.5 million for corporate customers

Maximum incentive

10-15% of the eligible loan amount

Requirements for system

Not specified

Requirements for installation

Not specified

Finance provider

Commercial banks, leasing companies and microfinance institutions that are eligible to receive loans by EBRD to pass them over to residential and commercial clients

Cartu Bank

Ameriabank Energy Efficiency Loan

Bank of Georgia

Anelik Bank

TBC Bank: Energy Efficiency Loan II

BoG Energy Efficiency Loan II

ACBA Energy Efficiency

SEF International

Credo Georgia

Bank Republic

Total funds

USD 40 million

Funding sources

EBRD for loans

European Union’s Neighbourhood Investment Facility (EU-NIF) and EBRD Special Shareholders Fund for incentives

Effective date

July 2013

Expiration date



Last review of this tabloid

March 2014


Christopher Falco
Senior Banker, EBRD
One Exchange Square
London EC2A 2JN
Tel: +44 (0) 207 338 6399
Tel: +44 (0) 207 338 7380



Effective Date: 
July 1, 2013