Terms and Conditions of the Residential Green Economy Financing Facility Moldova (Residential GEFF Moldova, of the Facility/Program) for Sub-loans covered with incentive payment (grant)

By using a Residential GEFF Moldova Sub-loan and/or by applying for an investment incentive payment you confirm you have read these Terms and Conditions, accept them in full, and declare yourself to be legally bound to them. Residential GEFF Moldova supports the development of green economy financing for eligible investments undertaken in or in relation to privately owned residential dwellings or buildings (“Residential Sub-projects”).

Abbreviations, Definitions

Assessment of eligibility: The Assessment of Eligibility is designed to determine eligibility in accordance with EBRD’s Green Economy Transition Technical Eligibility Criteria for Sub-projects.

Dwelling: An individual apartment in an apartment building or a detached or semi-detached house.

EBRD: European Bank for Reconstruction and Development

EU: European Union

FC: The team of local and international experts procured and engaged by EBRD to support the implementation of the Facility.

GEFF: Green Economy Financing Facility

GMS: Grants Management System (GMS) is an online tool used within the Residential GEFF Moldova (Green Economy Financing Facility that enables individual Sub-borrowers to register and directly submit documents needed for verification to the GEFF team from their computer or smart phone, without the need to visit a branch of the financial institution that issued their Sub-loan.

Green Technology Selector (GTS) The Green Technology Selector provides a list of high-performing technologies and materials that have been assessed and pre-approved as eligible for GEFF financial support. The pre-approved equipment and materials meet defined minimum performance requirements and surpass current market practices, resulting in clear benefits and environmental improvements. The list is regularly updated to include the latest technologies, materials and new suppliers. The reference baseline may be adjusted periodically to reflect technology market developments, the maturity of market supply, market penetration rates and technology costs.

MAB: Residential multi-apartment building

PFI: Participating Financial Institution

Sub-borrower: An individual or legal entity satisfying the Residential GEFF Moldova programme eligibility criteria to which the Borrower proposes to make a Sub-loan.

Sub-project: An eligible investment undertaken in or in relation to a privately owned residential dwelling or building, in line with the Residential GEFF Moldova eligibility criteria and EBRD’s green economy transition technical eligibility criteria, financed via a Sub-loan under Residential GEFF Moldova

Sub-loan: A loan satisfying the Residential GEFF Moldova eligibility which is made or proposed to be made by the Borrower (Partner Financial Institution) to a Sub-borrower under Residential GEFF Moldova

Housing Association (HoA): A housing association, or other equivalent body, in each case, which represents the interests of residents registered under the laws of the Republic of Moldova

Business: Any of (A) a private company, enterprise, firm, business, sole proprietor or other legal entity which is formed under the laws of and operating primarily in the Country of Operation, or (B) an individual operating as an entrepreneur or engaged in economic activities in accordance with the laws of and operating primarily in the Country of Operation.

Pre-Approved Technologies: High energy performance technologies/equipment that have been pre-approved as eligible (including measures and equipment meeting specific technical specifications) as included in Green Technology Selector.

Eligible Sub-borrowers

Individuals: Private individuals or Groups of Individuals recognized under the laws of the Republic of Moldova as residents, owners, or those with authorized access to a dwelling or building in the Republic of Moldova, where they intend to undertake a residential Sub-project.

Housing Association (HoA): A housing association, or other equivalent body, intending to perform a residential Sub-project. Sub-projects implemented by Housing Associations are required to undergo an Assessment of Eligibility by the FC.

Service Provider: Any Service Provider Business privately owned (more than 50%), providing maintenance, operation, installation, construction, refurbishment, project development or similar services under a contractual arrangement with a client (e.g., with individuals and HoAs). Sub-projects implemented by Service Providers are required to undergo an Assessment of Eligibility by the FC.

Construction company: Any Business, privately owned (more than 50%), recognised under the laws of and registered in the Republic of Moldova and meeting the criteria set out in the PFI’s Policy Statement, engaged in the construction of eligible residential buildings and dwellings. Sub-projects implemented by Construction Companies are required to undergo an Assessment of Eligibility by the FC.

Vendor: any Business, privately owned (more than 50%), recognised under the laws of and registered in the Republic of Moldova, engaged in the supply and/or sale of Residential GEFF Moldova eligible equipment, materials and technologies;

Producer: any business, privately owned (more than 50%), recognised under the laws of and registered in the Republic of Moldova, engaged in the manufacture, supply and/or installation of Residential GEFF Moldova eligible equipment, materials and technologies;

Eligible Sub-projects

A Sub-project may be eligible if it:

is comprised of eligible technologies, equipment and materials listed in the Green Technology Selector (“Pre-Approved Technologies”) ^[1]; or is in accordance with the technical eligibility criteria described in Annex A – Technical Eligibility Criteria for Sub-projects (confirmed, in the case of investments in Assessed Sub-projects, by the Assessment Report as prepared by the Facility Consultant); and
is financially viable, namely meeting the Borrower’s usual credit criteria and assessed positively by the Borrower in accordance with its usual credit appraisal procedures (guided, in the case of investments in Assessed Sub-projects, by the Assessment Report as prepared by the Facility Consultant); and
has not benefitted, or will not benefit, from any grant (other than the Incentive Payment).
is in compliance with the relevant national standards and regulations;

Ineligible Sub-projects

A Sub-loan may not be made for the purpose of financing the following:

armaments, munitions or goods of civilian application which are intended for sale to the military or intended to be used for the production and/or trade of military equipment;
financial institutions or financial services companies;
insurance business;
production or export of tobacco or hard liquor;
sale of tobacco or hard liquor (other than where the sale of tobacco or hard liquor is ancillary to the entity’s primary business activity);
casinos or other gambling facilities;
speculative investments in real estate solely with the aim of making short or medium term profit on sales or speculative investments in currencies or any other speculative investment activities;
investments in securities of any kind, including investments in share capital of other companies;
any activities appearing on the EBRD Environmental and Social Exclusion List as outlined in Annex A of the EBRD Environment and Social Policy 2024 ^[2];
without the prior written consent of EBRD, any activities appearing on the EBRD’s Category A list of projects as outlined in Annex B of the EBRD’s Environmental and Social Policy2024; such sub-projects will be required to meet EBRD Environmental and Social Requirements 1 to 8 and 10.
Sub-projects linked to physical assets or associated facilities involving fossil fuel extraction, production, processing (including refining) transport (transmission and distribution), storage, or utilisation to generate electricity or heat.
production of single-use plastic products ^[3] for consumer applications (not for medical purposes);
non-renewable fuel-powered boilers, gas infrastructure and equipment.

In addition, a Sub-loan may not be made for the purpose of financing:

investments in new production facilities (‘greenfield investments’);
working capital requirements, except where expressly permitted in Annex A – Technical Eligibility Criteria for Sub-projects to Vendors and Producers;
purchase of land;
refinancing (or other type of replacement/consolidation) of any existing term loan or credit operations of the Sub-borrower.

Residential GEFF Moldova Sub-Loans

Sub-loan Originators

Residential GEFF Moldova Sub-loans are lent (originated) by Participating Financial Institutions (PFIs). The list of PFIs can be found on the Residential GEFF Moldova website.

Sub-loans extended by Participating Financial Institutions (PFIs) not listed on the Facility website do not qualify as Residential GEFF Moldova Sub-loans.

Sub-loan Purpose

Under Residential GEFF Moldova, Sub-loans may be provided for eligible investments under one of the four categories below (Windows). These are the following:

Refurbishment Window – financing for:

1.1 purchase and installation by a private individual of GEFF-R eligible technologies in an existing single-family house (SFH) or in an individual apartment in an existing and already in use multi-apartment building (MAB)

1.2 implementation by a Housing Association, Service Provider (Energy Service Company – ESCO, Housing Management Company – HMC) or Group of private individuals of building-level GEFF-R eligible measures in an existing and already in use MAB

New Dwelling Window – financing for:

2.1 purchase and installation by a private individual of GEFF-R eligible technologies in a newly constructed or in construction phase SFH

2.2 green fit-out of a new apartment: purchase and installation by a private individual of GEFF-R eligible technologies in an individual new apartment in a newly constructed multi-apartment building

Green Construction Window (the Sub-borrower is a construction company) – financing for construction of high energy performance residential MAB or SFH by a construction company
Working capital (the Sub-borrower is a Vendor, Producer or Service Provider that derives over 70% of turnover from green eligible activities) – financing for manufacturing / supplying / installing products listed on, or (if not yet present) eligible to be registered on the Green Technology Selector (GTS).

Based on this, from operational process flow standpoint, financing of Sub-projects is organized in the following financing categories:

Financing Category 1: Individual Dwelling Investments (Points1 and 2. from above):
Sub-borrower type: Private Individual
Sub-project cases: purchase and installation by a private individual of EE/RE technologies from the Green Technology Selector (GTS) in a SFH or in an individual Apartment in a MAB
Eligible EE and RE technologies: from GTS
Assessment level: pre-approved, based on GTS Certificate.
Financing Category 2: Multi-Apartment Building Level Investments (Point 2 from above):
Sub-borrower type: Housing Association (HoA), Service Provider (e.g., Energy Service Company – ESCO, Housing Management Company – HMC), Group of Private Individuals
Sub-project case: Implementation of building-level GEFF-R eligible measures in an existing and already in use MAB
Eligible technologies:
EE measures: from GTS or not (but in accordance with technical eligibility criteria from Annex-A of the Policy Statement)
RE measures: from GTS
Assessment level: Assessed.
Financing Category 3: Green Construction (Point from above):
Sub-borrower type: Construction Company
Sub-project case: Construction of new (before / in design phase ) MAB / SFH with one EPC class above local legislation (but not less than class B)
Eligible technologies
EE measures: from GTS or not (but in accordance with technical eligibility criteria from Annex-A of the Policy Statement)
RE measures: from GTS
Assessment level: Assessed.
Financing Category 4: Working Capital (Point from above): Sub-loan for Working capital – Vendor, Producer or Service Provider of GEFF Eligible Equipment, Materials and Technologies
Sub-borrower type: Vendor, Producer or Service Provider (e.g., Energy Service Company – ESCO, Housing Management Company – HMC) that derives over 70% of turnover from green eligible activities
Sub-project case: Financing for manufacturing / supplying / installing GEFF eligible products
Eligible technologies: GEFF eligible EE and RE products (in accordance with technical eligibility criteria from Annex-A of the Policy Statement), that are registered on or (if not yet) eligible to be registered on GTS.
Assessment level: Assessed.

Investment Incentive payments

Purpose

Residential GEFF Moldova Sub-borrowers are entitled to receive an investment incentive upon the full and correct completion and implementation of the eligible Sub-project in line with the documentary evidence provided with the verification request.

All technologies/measures must contribute substantially to the overall savings of the Sub-project.

Proof of Project Completion

Completion of each Sub-project must be supported with appropriate documentary evidence.

The following documents are required for a successful verification (please note that the required documents depend on the project type):

Application form;
Invoice(s) that show the final costs for the eligible technologies that were installed as well as auxiliary costs, including labour costs;
Proof of payment (fiscal receipt/bank transfer confirmation/bank payment order stamped and signed by bank/POS slip/e-banking payment order or any other legally acceptable document);
Eligibility Certificate from the Green Technology Selector;
Photos after the project implementation according to the Residential GEFF Moldova Photo Manual^[4];
Energy performance certificate according to the EU Directive on Energy Performance of Buildings or relevant national regulations (for Multi-Apartment Building Level Investments and Green Construction financing type when required by the local legislation);
The Act of Final Reception (Actul de recepție finală) (for Multi-Apartment Building Level Investments and Green Construction financing type);
Other documents as might be requested by the Facility Consultant.

If the Sub-borrower fails to provide the requested documents or provides documents that are incorrect/unreliable or that do not correspond to the installation done on the Sub-project location, the Sub-project will be rejected.

Verification of Sub-projects

In order to receive an investment incentive payment, the Sub-borrower has to explicitly apply for it by submitting a verification request.

Individual Sub-borrowers should use the online Grants Management System (GMS) which is available via the Residential GEFF Moldova website for the submission of the verification request.

Incentive Payment Verification Process

Incentive payment verification process is completed by the Facility Consultant upon submission of completed verification request and the complete package of required supporting documents and evidence by the Sub-borrower. Each verification request is subject to either on-site or desk-based verification, depending on the Sub-project type.

In the absence of error or fraud, the Facility Consultant’s decision regarding the successful or, otherwise, unsuccessful, implementation and completion of any Sub-project shall be final and binding on the PFI and the Sub-borrower.

Restrictions on investment incentives

No investment incentive shall be payable to the Sub-borrowers in respect of any of the following:

Sub-projects that consist solely of Domestic Appliances ^[5], which are not accompanied by investments made in eligible energy efficiency or renewable energy measures related to the primary energy performance of a Residential Building/Dwelling;
Sub-loans to Vendors or Producers;
Sub-loans signed and disbursed [or Leased Equipment purchased] before the date of this Agreement;
Sub-projects comprising of solar photovoltaic systems with capacities exceeding the limit per household set within national legislation^[6];
a Sub-loan financed [or Leased Equipment purchased], in whole or in part, from repayments received from a Sub-loan [or payments made under a Lease];
the implementation and completion of the relevant Sub-project is not verified by the Facility Consultant on or before 31/08/2032;
the Sub-project fails verification;
the Sub-loan is fully prepaid [or the Leases discharged] prior to verification of the Sub-project;
additional disbursement on the Sub-loan [or Lease] reported after the notification of completion and the confirmation of the Sub-loan [or Lease] amount by the Borrower prior to commencement of the Verification Process;
no or insufficient funds draw down by the Borrower;
Sub-loans [or Leases] for which the Sub-Agreement [or Lease] is executed after the earlier of the termination date of the Loan or 31/12/2031

In addition, the following list of situations will lead to the rejection of payment of the financial incentive:

Sub-projects comprising of technologies or measures that are duplicated in another Sub-project implemented by the same Sub-borrower in the same building or dwelling;
Sub-projects which do not comply with Residential GEFF Moldova eligibility criteria;
Sub-project with technologies that are not intended to be implemented permanently and were removed after implementation;
the Sub-borrower has provided untrue information, including false documents, declarations and representations;
the Sub-borrower is not able to provide proper evidence of successful completion of the Sub-project at the declared building/dwelling;
the Sub-borrower is not able to provide photos according to the Residential GEFF Moldva Photo Manual;
the Sub-borrower did not install the technologies listed in the documentary evidence submitted with the verification request at the declared building/dwelling;
the Sub-borrower during or as the result of the Sub-project has violated building norms and/or relevant health & safety regulations;
the Sub-borrower has used the Sub-loan to refinance another debt;
the Sub-borrower has not granted the Facility Consultant access to the building/dwelling in case her/his request has been selected for on-site verification;
the Facility Consultant cannot or does not confirm the successful implementation or completion of a Sub-project;
the Sub-borrower has used the funds to invest in business/commercial premises/areas.

Incentive Payment Calculation Process

The calculation of the incentive payment will be conducted by the Facility Consultant during the verification of the Sub-project. The exact amount of investment incentives payable to a Sub-borrower will be calculated upon submission of the Verification Request Form and all necessary documents.

Individual Sub-borrower implementing an eligible Sub-project in his/her dwelling is eligible to receive an investment incentive payment equal to:

For an eligible Sub-project involving a single technology category from the Green Technology Selector: 15% of the lesser of (A) the disbursed amount of the Sub-loan, or (B) the Sub-project’s Investment Cost.
For an eligible Sub-project involving multiple technology categories[7] from the Green Technology Selector: up to 22.5% of the lesser of (A) the disbursed amount of the Sub-loan, or (B) the Sub-project’s Investment Cost.
For an eligible Sub-project involving an eligible renewable energy technology[8] from the Green Technology Selector: up to 22.5% of the lesser of (A) the disbursed amount of the Sub-loan, or (B) the Sub-project’s Investment Cost

Housing Association, Service Provider or Group of Individuals implementing an eligible building level Sub-project for a multi-apartment building are eligible to receive an investment incentive payment of an amount equal to:

For an eligible Sub-project involving a single technology category from the Green Technology Selector: 30% of the lesser of (A) the disbursed amount of the Sub-loan, or (B) the Sub-project’s Investment Cost.
For an eligible Sub-project involving multiple technology categories[9] from the Green Technology Selector: up to 35% of the lesser of (A) the disbursed amount of the Sub-loan, or (B) the Sub-project’s Investment Cost.
For an eligible Sub-project involving an eligible renewable energy technology[10] from the Green Technology Selector: up to 35% of the lesser of (A) the disbursed amount of the Sub-loan, or (B) the Sub-project’s Investment Cost.

III. Construction Company Sub-borrowers implementing an eligible Sub-project involving the construction of an eligible high energy performance residential multi-apartment building or dwelling are eligible to receive an investment incentive payment of an amount equal to:

10% of the lower of (A) the disbursed amount of the Sub-loan; and (B) the Investment Cost of the Sub-project; an
in respect of a Sub-project involving at least one renewable energy technology category [11] from the Green Technology Selector, 15% of the lower of (A) the disbursed amount of the Sub-loan; and (B) the Investment Cost of the Sub-project.

The calculation of the financial incentive amount is conducted in 2 steps:

Step 1: calculation of the verified eligible investment costs based on the documentary evidence and (if applicable) an on-site visit;

Step 2: calculation of the incentive payment amount based on the verified eligible investment costs and the applicable incentive payment percentage.

The result of the incentive payment calculation process is the EUR equivalent of the incentive payment to be paid to the Sub-borrower for successful completion of the Sub-project.

Incentive Payment Process

The incentive payment is paid to the Sub-borrower’s account at the PFI where the Residential GEFF Moldova Sub-loan was originated. The Sub-borrower is responsible for ensuring an account for incentive payment disbursement.

Incentive payments occur once a month. The incentive payments approved by the Facility Consultant as of the end of each month will be included in the payment to the PFI.

Misuse of Donor Funds

Any investment incentive paid to a Sub-borrower has to be repaid by the Sub-borrower in case of:

an investment incentive has been unduly paid to or used in a manner that is inconsistent with the Sub-loan agreement by the Sub-borrower;
an investment incentive has been paid based on incorrect/fraudulent verification documents;
any investment incentive that has been paid for Sub-projects (technologies) that are not intended to be implemented permanently or were removed after implementation;
EBRD has determined that pursuant to EBRD’s Enforcement Policies and Procedures, the Sub-borrower has engaged in Prohibited Practices.

Incentive Payment Appeal Process

A incentive payment appeal process can be initiated by the Sub-borrower in case of disagreement with either the amount of the approved financial incentive or the rejection of a incentive payment decided by the Facility Consultant.

Individual Sub-borrowers should use the online GMS which is available via the Residential GEFF Moldova website for the submission of an incentive payment appeal.

For other types of Sub-borrowers, the incentive payment appeal should be directed at the Participating Financial Institution where the Sub-borrower applied for a Sub-loan.

The Sub-borrower can also appeal directly to the Facility Consultant. The incentive payment appeal option is available for the Sub-borrower within 10 calendar days from the day the decision of the Facility Consultant is communicated to the Sub-borrower. Within this period the Sub-borrower can send an electronic message stating her/his objection to the decision and providing a brief narrative explanation of why s/he does not agree with the decision. The Sub-borrower can also provide any calculations and/or documents s/he deems appropriate to support the objection.

The following email address is to be used to submit your written complaint in local language (Romanian or Russian) or English, to the Facility Consultant:

artur.bulat@ebrdgeff.com and guliz.ornek@ebrdgeff.com

FC reviews the appeal from the Sub-borrower within 15 business days and produces a written response to the Sub-borrower.

In case the Sub-borrower is not satisfied with the received result of the Facility Consultant’s review, s/he can send the appeal within 30 days to the European Bank for Reconstruction and Development (EBRD):

Judi Diab

European Bank for Reconstruction and Development (EBRD)

United Kingdom

E-mail: DiabJ@ebrd.com

Confidentiality and Privacy Policy

All information received by the Facility Consultant from Participating Financial Institutions and from individual Sub-borrowers will be treated with all necessary caution to ensure confidential storage and processing and not to allow unauthorized access to personal, financial, and other sensitive data.

Following the provisions of the EU General Data Protection Regulation (“GDPR”) information is provided on which personal data the Facility Consultant may gather and for which purpose it may be processed during the assessment and verification of Residential GEFF Moldova Sub-projects.

The following Personal Data is collected:

Contact data

ID number, name and surname, Personal Identification Number (IDNP), contact phone number, contact email, residence address (country, city, street and apartment/home no.), account number, the address where the Sub-project was implemented and other information that may be part of mentioned documents relating to the purpose of the investment.

Project data

Invoices, proof of payments, technical documentation of the purchased equipment and materials, photographs of the implemented Sub-project, as well as business reports all containing information about personal and financial data, as well as data relating to purchased products.

Financial data

Financial data refers to the signed Sub-loan amount, Sub-loan signing date, Sub-loan disbursement date, Sub-loan disbursed amount, total investment costs and internal Sub-loan ID; other documents, information and data that may be reasonably requested.

Personal Data obtained for the purpose of processing the application for assessment of eligibility of the Sub-project and the incentive payment, and in the event of related follow-up questions and clarifications, are used for the fulfilment of contractual obligations, or more specifically, on the basis of legitimate interests.

Personal Data collected will not be shared with third parties, except the respective PFI where the Sub-loan is originated and the European Bank for Reconstruction and Development (EBRD), unless it is required for the fulfilment of processing the application, or required by the Residential GEFF Moldova and/or required to comply with mandatory laws/authority requests.

Personal Data are stored for as long as needed for the fulfilment of the abovementioned purposes and legal obligations.

The Sub-borrower has the right to access the personal data concerning him/her that is being processed. Additionally, the Sub-borrower has the right to rectification of inaccurate data and to erase data (“right to be forgotten”) if appropriate. Further, the Sub-borrower can withdraw consent declarations at any time without stating a reason in order to hinder further processing of personal data that has been collected and used based on a consent declaration. The Sub-borrower can furthermore be entitled to the right to restriction of processing of personal data as well as the right to receive the personal data concerning him/her in a structured, commonly used and machine-readable format (“data portability”).

General Provisions and Liability

The Sub-borrower acknowledges that he/she does not have any legal claim to receiving incentive payment (s). The usage of GMS does not constitute a contract between the Sub-borrower and the EBRD, the Facility Consultant or any other third party.

The Sub-borrower does not have any legal claim to access, usage and/or functionality of GMS. Access to and use of GMS may be impaired by unforeseeable and/or exceptional circumstances or technical maintenance and may be refused or terminated at any time without reason. The Sub-borrower must respect and comply with the applicable laws when using GMS. The Sub-borrower acknowledges that misuse of GMS may have legal consequences and may be prosecuted.

EBRD or the Facility Consultant shall not be liable for the functionality of GMS and/or for the completeness and accuracy of data made available by the applicant via GMS or via other means (e.g., e-mail). EBRD or the Facility Consultant shall not be liable for any disadvantages and/or damages incurred by the Sub-borrower as a result of incorrect, incomplete, erroneously or belatedly uploaded/sent data or documents.

In the case of any inconsistency between the English version of these Terms and Conditions and the translation in local language, the English version shall prevail.

[1] https://www.techselector.com/moldova-en/#product-catalogue–content/. The product catalogue will be expanded by the Facility Consultant.

[2] EBRD’s Environmental and Social Policy 2024

https://www.ebrd.com/news/publications/policies/environmental-and-social-policy-esp.html

[3] As defined by the EU Directive 2019/904 on the reduction of the impact of certain plastic products on the environment. These include: cotton bud sticks; cutlery (forks, knives, spoons and chopsticks); plates; straws; beverage stirrers; balloon sticks; expanded polystyrene cups; and beverage and food containers.

[4] The Residential GEFF Moldova Photo Manual is available on the Facility website.

[5] Sub-projects including Domestic Appliances in combination with eligible energy efficiency or renewable energy measures related to the primary energy performance of a Residential Building may qualify for incentives.

[6] The relevant Government Decision is No. 401/2021 (08 December 2021), as amended on 05 June 2025 and effective from 06 June 2025. Further information is included in the Operations Manual.

[7] Comprehensive details will be provided in the Operations Manual regarding incentive level calibration.

[8] Sub-projects involving solar photovoltaic systems must include an investment in an energy storage system to qualify for the higher incentive. Comprehensive details will be provided in the Operations Manual regarding incentive level calibration.

[9] Comprehensive details will be provided in the Operations Manual regarding incentive level calibration.

[10] Sub-projects involving solar photovoltaic systems must include an investment in an energy storage system to qualify for the higher incentive. Comprehensive details will be provided in the Operations Manual regarding incentive level calibration.

[11] Sub-projects involving solar photovoltaic systems must include an investment in an energy storage system to qualify for the higher incentive. Comprehensive details will be provided in the Operations Manual regarding incentive level calibration.