Photo Credit: KredEx

One of the earliest financial support programmes to be established in the EU, this highly successful project provides technical assistance, loans and guarantee funding to encourage the uptake of ambitious energy renovation in Estonia, mainly in multi-family apartment buildings.

KredEx is fully accredited to draw funding from the European Bank for Reconstruction and Development and from the European Social Fund.  In its offer, the KredEx facility can provide building owners with grants of up to 50% of the cost of an energy audit, up to 50% of the cost of preparing project documentation and up to 35% funding for reconstruction works.  It can also provide loans for up to 85% of the energy renovation works, once combined grants and loans do not exceed 100% of project costs.

The programme has encouraged a very large number of Estonians to undertake energy renovation works and to date it has helped more than 103,000 families renovate their homes, bringing average energy savings across the whole portfolio of around 40%.  Many of the projects achieve much higher results, including the example illustrated here, which achieved 65% energy savings after renovation.

A crucial feature of the KredEx approach is that it will grant a higher loan amount for higher energy saving ambition.  Average loans amounts have reached nearly €200,000 per project


Principal Characteristics of the Financing Programme:

Type of programme: Publicly owned financial institution
Year of initiation: 2001
Number of buildings: Well over 1,000 and increasing
Measures implemented: Insulation of roofs and walls, replacement of windows and doors, new heating systems, heat recovery ventilation systems, use of ground-sourced heat pumps and bio-mass boilers, installation of a building energy management system
Results: Energy savings after works reached an average of 40% with many projects exceeding 60%
Cost of works: Not known due to structure of grants and loans provided, but the KredEx has issued loans and grants in excess of €100m

KredEx financing programme website:

KredEx website, apartment association renovation section:

BuildUp report on KredEx programme: