Moldova Energy Efficiency Revolving Mechanism Project (WB-P510426)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Moldova
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 25, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Government of the Republic of Moldova
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 52.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Grant Amount (USD)
$ 2.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 52.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ WB website

Updated in EWS Aug 26, 2026

Disclosed by Bank Nov 11, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the World Bank, the Development Objective is to increase energy efficiency savings in public buildings and operationalize a sustainable financing mechanism for energy efficiency. 

The proposed project would primarily consist of the operationalization of an Energy Efficiency Revolving Fund (EERF) managed by the National Centre for Sustainable Energy (CNED), to finance energy efficiency retrofitting in public buildings. As a central objective, the project would establish and implement a revolving financing mechanism through which the energy cost savings generated by efficiency upgrades are returned to the EERF, implemented by CNED, to fund future investments, ensuring long-term financial sustainability. This would be achieved through Energy Service Agreements (ESAs) between CNED and beneficiary public institutions, under which beneficiaries repay investment costs over time (typically 9 to 12 years, and up to a maximum of 20 years) using the savings generated by the energy efficiency improvements. The project also supports capacity-building for CNED to operationalize the revolving mechanism. This is in line with the Government of Moldova's energy and climate priorities, and with Moldova's alignment with EU energy standards as part of its EU candidacy process.

  • Component 1: Energy Efficiency Investments (US$47 million IBRD loan & US$0.65 million M-GROW TF). Component 1 finances the preparation and implementation of EE retrofits in central government and, where feasible, municipal public buildings. Sub-projects are identified, appraised, and prioritized by CNED based on energy audit results and eligibility criteria, including a minimum energy savings threshold of 20 percent and a maximum payback period of 20 years. Eligible retrofitting measures include building envelope upgrades, efficient HVAC systems, LED lighting, and on-site rooftop solar PV. Beneficiaries will enter into Energy Service Agreements (ESAs) with CNED, committing to repay intervention costs from realized energy savings over periods of up to 20 years. This component also funds, through M-GROW grant financing, EE retrofits for two shelters supporting female survivors of gender-based violence, provided as grants without ESA requirements.
  • Component 2: Technical Assistance and Project Implementation Support (US$3 million IBRD loan & US$1.3 million M-GROW TF).

This Components supports project management and the institutional development of CNED as the anchor for Moldova's EE financing system. Subcomponent 2a (US$3 million IBRD) funds subproject development and implementation support, including consultant services, procurement management, monitoring and verification, and training in disaster preparedness and resilience. Subcomponent 2b (US$1.35 million M-GROW grant) advances development of energy audit and management information systems, supports the development of the EE market's maturity, and facilitates capacity building, knowledge sharing, and outreach for CNED staff and relevant stakeholders.

The implementing agencies will be the Ministry of Energy, and the National Centre for Sustainable Energy (CNED).

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

World Bank Team Leader:

Steven James Mortimer Clarke - Senior Energy Specialist
Aditya Alexander Lukas - Senior Energy Specialist

No contacts provided at the time of disclosure.

ACCESS TO INFORMATION

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ACCOUNTABILITY MECHANISM OF THE WORLD BANK

The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. Information on how to file a complaint and a complaint request form are available at: https://www.inspectionpanel.org/how-to-file-complaint

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How it works