UNECE and partners are working together to support North Macedonia in its green energy transition by building capacities to finance energy efficiency (EE) and renewable energy (RE) projects.
To this end, UNECE and UNDP organized two training sessions on design and verification of energy efficiency and renewable energy projects in Skopje on 28-30 November 2023. This equipped participants with in-depth knowledge on energy management, energy auditing, monitoring, reporting, and verification of renewable energy and energy efficiency measures.
This supports the implementation of the recently launched Green Finance Facility, which will provide access to affordable green financing for small and medium enterprises (SMEs) and seven target groups of creditworthy but underserved individuals/households for investments in RE and EE solutions. The project, which sets up and operationalizes this Green Finance Facility, is supported by the UN Joint SDG Fund and the Government of North Macedonia, and is being implemented through partnership between UNDP, IOM, UNECE, EBRD, and local partner financial institutions in North Macedonia.
UNECE is providing technical assistance and capacity building on RE and EE technologies for SMEs to the project and verification consultants. UNECE’s role is to design and implement training tailored to support the use of eligible technologies to develop projects and monitor and verify the projects’ performance.
The project design consultants were trained on banking requirements and how to develop bankable proposals, transferring knowhow and knowledge on concepts and practical applications of project finance.
The training course supported project design consultants working with SMEs in North Macedonia to develop bankable RE and EE projects, including introduction to affordable green financing and investment in EE and RE solutions; specific investment requirements for projects; project life cycle; project assessment documents and investment plans; requirements for formulation of loan applications; technical project documentation required for the Green Finance Facility and examples and best practices of funding possibilities for projects.
Thanks to the training, participants are able to train others and present EE and RE bankable project proposals to the Green Finance Facility and to local and international financial institutions. The project verification consultants were trained to make sure that funded investments have been completed according to the original investment plans. After successfully verifying the completed project, performance-based payments will be made to borrowers.
This training initiative intends to enhance renewable energy generation and use, improve energy efficiency, provide for better energy security, achieving fuel savings, and safeguarding the environment.
The adoption of RE and EE solutions enabled by Green Finance Facility is expected to result in more than 70,000 MWh of annual energy savings, over 80,500 tons of CO2-eq emissions avoided, and 10.7 MW in new renewable energy capacity installed and will strengthen the local ecosystem for RE and EE green finance in North Macedonia.